Question
Soham bought a sofa for Rs 6500. If he pays an interest of Rs 975 in 3 years, find the rate of interest. [3 MARKS]
Answer:
:
Formula: 1Mark
Steps: 1Mark
Answer: 1 Mark
Here,
It is given that Soham bought a sofa for Rs6500.
He paid Rs 975 as interest in three years.
Let, Principal amount be 'P' = Rs 6500
Interest be 'I' = Rs 975
Time be 'T' = 3 years
The rate of interest =?
Let the rate of interest be 'R'.
We know that,
I=P×T×R100
⇒R=I×100P×T
⇒R=975×1006500×3
⇒R=5
Hence the rate of interest is 5%.
Was this answer helpful ?
:
Formula: 1Mark
Steps: 1Mark
Answer: 1 Mark
Here,
It is given that Soham bought a sofa for Rs6500.
He paid Rs 975 as interest in three years.
Let, Principal amount be 'P' = Rs 6500
Interest be 'I' = Rs 975
Time be 'T' = 3 years
The rate of interest =?
Let the rate of interest be 'R'.
We know that,
I=P×T×R100
⇒R=I×100P×T
⇒R=975×1006500×3
⇒R=5
Hence the rate of interest is 5%.
Was this answer helpful ?
More Questions on This Topic :
Latest Videos
Latest Test Papers
Submit Solution