Raima took a loan of Rs. 1500 with simple interest for as many years as the rate of interest. If she paid Rs. 960 as interest at the end of the loan period, what was the rate of interest?
8% . Interest = loan * interest rate * duration, with interest rate = duration Thus 960 = 1500 * interest rate * interest rate interest rate = 8%
Let the rate of interest be x% p.a. Then, 960 = 1500 .x.x/100 or 960 = 15 X2 Therefore, X2 = 64 or x = 8% p.a is the answer DR. M J SUBRAMANYAM
Neeraj took a loan of Rs. 201900 from bank with simple interest for as many years as the rate of interest. If he was supposed to pay Rs. 395724 as interest at the end of loan period, what was the rate of interest?
The difference between the simple interest received from two different sources on Rs. 1500 for 3 years is Rs. 1.350. The difference between their rates of interest is:
