Question

Find the rate of interest, when, Principal $=Rs.8,250$, simple interest $=Rs.1,100$ and time $=2$ years.

Answer 1

Principal $\left(P\right)=Rs.8,250$

Simple Interest $=Rs.1100$

Time $\left(T\right)=2years$

Simple interest $=\frac{P\times R\times T}{100}$

$\Rightarrow$ $1100=\frac{8250\times R\times 2}{100}$

$\Rightarrow$ $R=\frac{1100\times 100}{8250\times 2}$

$\Rightarrow$ $R=6.67\%$