Find the rate, if simple interest earned is Rs. 168 on a principal of Rs.1050 for 2 years.
Question
Find the rate, if simple interest earned is Rs. 168 on a principal of Rs.1050 for 2 years.
Solution
To find the rate of interest, we can use the formula for simple interest which is:
I = PRT/100
where: I = Interest P = Principal R = Rate T = Time
In this case, we know the Interest (I) is Rs. 168, the Principal (P) is Rs. 1050, and the Time (T) is 2 years. We want to find the Rate (R).
Rearranging the formula to solve for R gives us:
R = I * 100 / (P * T)
Substituting the given values into the formula gives us:
R = 168 * 100 / (1050 * 2)
Calculating the above expression gives us:
R = 8
Therefore, the rate of interest is 8%.
Similar Questions
A sum of Rs.2000 gives a simple interest of Rs.100 in 2 years. Find the rate of interest per annum ?
The compound interest on a certain sum of money for 2 years is Rs. 1260 and the simple interest on the same sum for the same period and at the same rate of interest is Rs. 1200. Find the principal.
On a certain sum of money. Compound interest earned after 2 years is Rs.5805 and simple interest earned after 3 years is Rs.8100. Find the principal amount, if the rate of interest is same.
Find the rate of interest per annum if the simple interest on Rs. 7500 for 2 years is Rs. 1500. Options 5% 8% 7% 10%
If the compound interest on a certain sum of money for 2 years at 10% per annum is Rs. 1050, what will be the simple interest on the same sum at the same rate for the same period? Options Rs. 1000 Rs. 1030 Rs. 1020 Rs. 1050
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.