Use app×
Join Bloom Tuition
One on One Online Tuition
JEE MAIN 2025 Foundation Course
NEET 2025 Foundation Course
CLASS 12 FOUNDATION COURSE
CLASS 10 FOUNDATION COURSE
CLASS 9 FOUNDATION COURSE
CLASS 8 FOUNDATION COURSE
0 votes
10.7k views
in Percentage and Simple Interest by (26.4k points)
closed by

A sum of Rs 48,000 was lent out at simple interest and at the end of 2 years and 3 months the total amount was Rs 55,560. Find the rate of interest per year.

1 Answer

+1 vote
by (26.1k points)
selected by
 
Best answer

Given Principal P = Rs 48,000

Time n = 2 years 3 months 

= 2 + \(\frac{3}{12}\) years 

= 2 + \(\frac{1}{4}\) years

= (\(\frac{8}{4}\) + \(\frac{1}{4}\)) years 

= \(\frac{9}{4}\) years 

Amount A = Rs 55,660 

A = p + 1 

55660 = 48000 + I 

I = 55660 – 48000 

= Rs 7660 

∴ Interest for \(\frac{9}{4}\) years = Rs 7660 

Simple interest = \(\frac{pnr}{100}\) 

7660 = 48000 x \(\frac{9}{4}\) x \(\frac{r}{100}\)

r = \(\frac{7660\times4\times100}{9\times48000}\)

= 7.09 % 

= 7 % 

Rate of interest = 7 % Per annum.

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...