Wednesday 7 December 2016

SIMPLE INTEREST 1


Rayan deposited the amount of 72,000/= in a bank for 5 years and got a profit of 12000/=. Find the interest rate?

Solution

I = 12000/=, P = 72,000/=, T = 5 years, R = ?

I  = PRT
      100

12000  = 72,000 x R x 5
                   100

12000  = 72,000 x R x 5
                   100

12000  = 720 x R x 5
                      
12000  = 3600R
           
3.312000  = 3600R
   3600      3600



Hence the interest rate was  3.3%   

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

Plato deposited the amount of 75,000/= in a bank for 4 years and got a profit of 2000/=. Find the interest rate?



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