Question

The simple interest on a certain sum of money is $\frac{3}{8}$ of the sum in $6\frac{1}{4}$ years. Find the rate percent charged.

Answer 1

Let P= Rs. 8
S.I= Rs. $\frac{3}{8}\times 8$
= Rs. 3
$T=6\frac{1}{4}$ years = $\frac{25}{4}$ years
We know that:
$R=\frac{100\times I}{P\times T}$
$=\frac{100\times 3}{8\times \frac{25}{4}}=\frac{100\times 3}{8}\times \frac{4}{25}=2\times 3$
=6%