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

Question

asked Jul 7, 2021 78.2k views

1 Answer

Jeff Turner · Answer 1 · 2021-07-11T10:24:29+0000

Answer :

R = 6.25%

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%.