Question

If the interest on a 4,600 loan is 370 what would be in the interest on a loan of 9.660

Answer 1

772.17

Explanation:

Given,

Interest (I) = 370

Principal (P) = 4600

Rate (R) = ? , Time (T) = ?

We know,

I = PTR/100

or, 370 = 4600TR/100

or, 370 = 46TR

∴ TR = 370/46 = 185/23.................(1)

Now,

On Principal (P) = 9600

Interest (I) = PTR/100

or, I = 9600TR/100

or, I = 96 * 185/23 (∵From 1)

∴ I = 772.179