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A sum becomes Rs. 1392 in 2 years and Rs. 1488 in 3 years at simple interest. What is the rate (in percentage) of interest per annum?
- a)8
- b)10
- c)12
- d)8.5
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
A sum becomes Rs. 1392 in 2 years and Rs. 1488 in 3 years at simple in...
GIVEN:
Principal becomes Rs. 1392 in 2 years and Rs. 1488 in 3 years.
Principal becomes Rs. 1392 in 2 years and Rs. 1488 in 3 years.
FORMULA USED:
SI = P × R × T / 100
Principal = Amount – Interest
CALCULATION:
Let the rate of interest be r
Amount in 2 years = Rs. 1392
Amount in 3 years = Rs. 1488
Simple interest in one year = 1488 – 1392 = Rs. 96
Simple interest in two years = 2 × 96 = Rs. 192
Now,
Principal = Amount – Interest = 1392 – 192 = Rs. 1200
So, Simple interest = (1200 × 2 × r)/100 = 24r
According to the question,
⇒ 192 = 24r
∴ r = 8%
SI = P × R × T / 100
Principal = Amount – Interest
CALCULATION:
Let the rate of interest be r
Amount in 2 years = Rs. 1392
Amount in 3 years = Rs. 1488
Simple interest in one year = 1488 – 1392 = Rs. 96
Simple interest in two years = 2 × 96 = Rs. 192
Now,
Principal = Amount – Interest = 1392 – 192 = Rs. 1200
So, Simple interest = (1200 × 2 × r)/100 = 24r
According to the question,
⇒ 192 = 24r
∴ r = 8%
Most Upvoted Answer
A sum becomes Rs. 1392 in 2 years and Rs. 1488 in 3 years at simple in...
Given, principal amount (P) = ?
Time period (n) = 2 years and 3 years
Simple Interest (S.I.) after 2 years = Rs. 1392
Simple Interest (S.I.) after 3 years = Rs. 1488
Let the rate of interest be R% per annum.
Calculation:
We know that, Simple Interest (S.I.) = (P × n × R) / 100
Using this formula, we can find the value of P.
From the given data, we can write the following equations:
1392 = (P × 2 × R) / 100
1488 = (P × 3 × R) / 100
Solving these equations, we get:
P = Rs. 12000
R = 8%
Therefore, the rate of interest per annum is 8%.
Time period (n) = 2 years and 3 years
Simple Interest (S.I.) after 2 years = Rs. 1392
Simple Interest (S.I.) after 3 years = Rs. 1488
Let the rate of interest be R% per annum.
Calculation:
We know that, Simple Interest (S.I.) = (P × n × R) / 100
Using this formula, we can find the value of P.
From the given data, we can write the following equations:
1392 = (P × 2 × R) / 100
1488 = (P × 3 × R) / 100
Solving these equations, we get:
P = Rs. 12000
R = 8%
Therefore, the rate of interest per annum is 8%.
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A sum becomes Rs. 1392 in 2 years and Rs. 1488 in 3 years at simple interest. What is the rate (in percentage) of interest per annum?a)8b)10c)12d)8.5Correct answer is option 'A'. Can you explain this answer?
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