SIMPLE INTEREST-2

Rayan deposited the amount of 80,000/= in a bank for 2 years and got a profit of 1200/=. Find the interest rate?

Solution

I = 1200/=, P = 80,000/=, T = 2 years, R = ?

I  = PRT

      100

1200  = 80,000 x R x 2

                      100

1200  = 80,000 x R x 2

                      100

1200  = 800 x R x 2

                      

1200  = 4000R

           

³1200  = 4000R

  4000      4000

Hence the interest rate was  0.3%

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

Rayan deposited the amount of 8,000/= in a bank for 6 years and got a profit of 2100/=. Find the interest rate?