## A man takes loan 15,000 Rs. After 5 years he repay 22,125 Rsfor loan. Find rate of interest.​

Question

A man takes loan 15,000 Rs. After 5 years he repay 22,125 Rs
for loan. Find rate of interest.​

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11 months 2021-07-03T09:57:21+00:00 1 Answers 0 views 0

1. ### Given:

• Principal = Rs. 15000
• Amount = Rs. 22125
• Time = 5 years

### What To Find:

We have to find –

• The rate of the interest.

### How To Find:

To find we have to –

• First, find the simple interest using a precise formula.
• Next, find the rate of interest using a definite formula.

### Solution:

• Finding the simple interest.

We know that –

→ Amount = Principal + Simple Interest

Substitute the values,

→ 22125 = 15000 + Simple Interest

Take 15000 to LHS,

→ 22125 – 15000 = Simple Interest

Subtract the values in LHS,

→ Rs. 7125 = Simple Interest

• Finding the rate of interest.

We know that –

→ Simple Interest = (Principal × Rate × Time) ÷ 100

Substitute the values,

→ 7125 = (15000 × Rate × 5) ÷ 100

Multiply 15000 with 5,

→ 7125 = (75000 × Rate) ÷ 100

Cancel the zeros,

→ 7125 = 750 × Rate

Take 750 to LHS,

→ 7125 ÷ 750 = Rate

Divide 7125 by 750,

→ 9.5 % = Rate