Question

If the interest of a sum of money in 6years is 3 by 8 of the principal what is the rate of interest

Answer 1

Answer: rate of interest (r) = 6.25

Explanation:

Simple interest formula is S.I = PxTxR/100

From the question ;

S.I = (3/8) principal

3/8p = px6xr/100

Eliminate p on both sides of the equation

r = (3x100) / (8 x 6)

r = 300 / 48

r = 6.25