If the interest of sum of money is 6 yrs in 3/8 of the principal . what is the rate of interest?

Question

asked Oct 23, 2021 62.5k views

1 Answer

BobSki · Answer 1 · 2021-10-27T07:07:54+0000

Given that,

The interest of sum of money is 6 yrs in 3/8 of the principal.

To find,

The rate of interest.

Solution,

Let P is the principal. It means interest will be :

I=3/8 P

The formula for the interest is given by :

$I=(PRT)/(100)\\\\(3)/(8)P=(PR* 6)/(100)\\\\(3)/(8)=(6R)/(100)\\\\R=(300)/(8* 6)\\\\=6.25\%$

Hence, the rate of interest is 6.25%.