SIMPLE INTEREST 2

Kishan deposited the amount of 60,000/= in a bank for 5 years and got a profit of 9,000/=. Find the interest rate?

Solution

I = 9,000/=, P = 60,000/=, T = 5 years, R = ?

I  = PRT

      100

9,000  = 60,000 x R x 5

                      100

9,000  = 60,000 x R x 5

                      100

9,000  = 600 x R x 5

                      

9,000  = 3000R

           

³9,000  = 3000R

  3000      3000

Hence the interest rate was  3%

TRY THIS……………………….

Vivek deposited the amount of 60,000/= in a bank for 5 years and got a profit of 15,000/=. Find the interest rate?