SIMPLE INTEREST 1

Asad deposited the amount of 200,000/= in a bank for 3 years and got a profit of 72000/=. Find the interest rate?

Solution

I = 72000/=, P = 200,000/=, T = 3 years, R = ?

I  = PRT

      100

72,000  = 200,000 x R x 3

                      100

72,000  = 200,000 x R x 3

                      100

72,000  = 2000 x R x 3

                     

72,000  = 6000R

          

¹²72,000  = 6000R

   6000       6000

Hence the interest rate was 12%

TRY THIS…………………..

Sonali deposited the amount of 300,000/= in a bank for 6 years and got a profit of 27,000/=. Find the interest rate?