Question
Arun took a loan of Rs. 1400 with simple interest for as many years as the rate of interest. If he paid Rs.686 as interest at the end of the loan period, what was the rate of interest?
Arun took a loan of Rs. 1400 with simple interest for as many years as the rate of interest. If he paid Rs.686 as interest at the end of the loan period, what was the rate of interest?
Answer: Option D
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Answer : Option D
Explanation :
Let rate = R%
Then, Time, T = R years
P = Rs.1400
SI = Rs.686
$MF#%\begin{align}&\text{SI= }\dfrac{\text{PRT}}{100} \\ \\
&\Rightarrow \text{686 = }\dfrac{\text{1400 × R × R}}{100} \\ \\
&\Rightarrow 686 = 14 \text{ R}^2 \\ \\
&\Rightarrow 49 = \text{R}^2 \\ \\
&\Rightarrow \text{R} = 7\end{align}$MF#%
i.e.,Rate of Interest was 7%
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