SIMPLE INTEREST 1

Riya deposited the amount of 12,000/= in a bank for 5 years and got a profit of 1200/=. Find the interest rate?

Solution

I = 1200/=, P = 12,000/=, T = 5 years, R = ?

I  = PRT

      100

1200  = 12,000 x R x 5

                      100

1200  = 12,000 x R x 5

                      100

1200  = 120 x R x 5

                      

1200  = 600R

           

²1200  = 600R

   600     600

Hence the interest rate was  2%

TRY THIS........................

Misha deposited the amount of 12,000/= in a bank for 5 years and got a profit of 4800/=. Find the interest rate?