SIMPLE INTEREST 1

Rugaya deposited the amount of 90,000/= in a bank for 5 years and got a profit of 22,500 /=. Find the interest rate?

Solution

I = 22,500 /=, P = 90,000/=, T = 5 years, R = ?

I  = PRT

      100

22,500  = 90,000 x R x 5

                      100

22,500  = 90,000 x R x 5

                      100

22,500  = 900 x R x 5

                      

22,500  = 4500R

           

⁵22,500  = 4500R

   4500       4500

Hence the interest rate was  5%

TRY THIS………….

Rweyendera deposited the amount of 12,000/= in a bank for 5 years and got a profit of 2100/=. Find the interest rate?