SIMPLE INTEREST 1

Rayan deposited the amount of 30,000/= in a bank for 4 years and got a profit of 8400/=. Find the interest rate.

Solution

I = 8400/=, P = 30,000/=, T = 4 years, R = ?

I  = PRT

      100

8400  = 30,000 x R x 4

                  100

8400  = 30,000 x R x 4

                   100

8400  = 300 x R x 4

                      

8400  = 1200R

           

⁷8400  = 1200R

1200       1200

Hence the interest rate was  7%

TRY THIS………….

Rayan deposited the amount of 7,000/= in a bank for 3years and got a profit of 1260/=. Find the interest rate?