A man takes loan 15,000 Rs. After 5 years he repay 22,125 Rs
for 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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Mathematics
11 months
2021-07-03T09:57:21+00:00
2021-07-03T09:57:21+00:00 1 Answers
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Answers ( )
Given:
What To Find:
We have to find –
How To Find:
To find we have to –
Solution:
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
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
Final Answer:
∴ Thus, the rate of interest is 9.5 %