Reena took a loan of Rs. 1200 with simple interest for as many years as the rate of interest. If she paid Rs. 432 as interest at the end of the loan period, what was the rate of interest?
papay dey Answered question 7 days ago
Simple Interest Calculation
Simple interest formula:
Interest = (P × R × Time) / 100
Given values:
P = Rs. 1200
Interest = Rs. 432
Time = R (since the time is equal to the rate of interest)
Substitute Time with R:
432 = (1200 × R × R) / 100
Multiply both sides by 100:
43200 = 1200R^2
Divide both sides by 1200:
36 = R^2
Take the square root of both sides:
R = √36
= 6
The rate of interest is 6%.
papay dey Answered question 7 days ago
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