If the simple interest on $2000 for 10 years is $,1000 then what is the interest rate?

Question 1

Question 2

$\bf \underline{Given :}$

$\sf{• \: Principal \: (P) = \$ \: 2000} </p><p>$

$\sf{• \: Simple \: Interest \: (I) = \$ \: 1000}</p><p>$

$\sf{• \: Time \: (T) = 10 \: years}$

$\sf{• \: Interest \: Rate \: (R) = \: ?}$

$\bf \underline{Solution:-}$

$\sf {We \: know \: that, }$

$\bf \red{\bigstar{ \: I = PRT}}$

$\sf{⟹1000 = 2000 * (R)/(100) * 10 }$

$\sf{⟹1000 = (R)/(100) * 20000}$

$\sf{⟹ (R)/(100) = (1000)/(20000) }$

$\sf{⟹R = (1)/(20) * 100 }$

$\sf⟹ R = 5$

$\pink{\bf{Hence, \: the \: interest \: rate \: is \: 5 \: \%. }}$

Please log in or register to add a comment.