SIMPLE INTEREST 2

Rayan deposited the amount of 6,000/= in a bank for 5 years and got a profit of 2000/=. Find the interest rate?

Solution

I = 2000/=, P = 6,000/=, T = 5 years, R = ?

I  = PRT

      100

2000  = 6,000 x R x 5

                      100

2000  = 6,000 x R x 5

                      100

2000  = 60 x R x 5

                     

2000  = 300R

          

^6.672000  = 300R

     300       300

Hence the interest rate was Tsh 6.67%

TRY THIS……………….

Kibonde deposited the amount of 9,000/= in a bank for 4 years and got a profit of 3000/=. Find the interest rate?