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

Answers ( )

    0
    2021-07-03T09:58:32+00:00

    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

    Final Answer:

    ∴ Thus, the rate of interest is 9.5 %

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