Question

Find the rate of interest.
Rs.8800,T=3.5years,I=Rs.2618​

Answer 1

Rate is 8.5%

Explanation:

Step 1: Write the given terms

Principal (p)=Rs8800

Rate(r)=?

Time(t)=3.5 years

Interest=Rs2618

Step 2: Write the formula for calculating Simple interest

`i = (prt)/(100)`

Step 3: Make r the subject of the equation

`by \: cross \: multiplication \\ 100i = prt \\ divide \: both \: sides \: by \: pt \\ r = (100i)/(pt)`

Step 4: Find the value of r by substituting the values in step 1

`r = (100 * 2618)/(8800 * 3.5) \\ r = (261800)/(30800) \\ r = 8.5`

Hence, the rate is 8.5%