Question

You put $Rs5000$ in your saving bank account. At the end of a year, you got $Rs300$ as interest. What was the percent rate of interest?

Answer 1

Given:-

S.I. $=Rs.300$

Principal sum $=Rs.5000$

$R=?$

$t=1\text{year}$

As we know that,

$S.I.=\frac{P\times R\times t}{100}$

$\Rightarrow 300=\frac{5000\times R\times 1}{100}$

$\Rightarrow R=\frac{300}{50}=6\%$