SIMPLE INTEREST 1

Ruta deposited the amount of 90,000/= in a bank for 5 years and got a profit of 27,000 /=. Find the interest rate?

Solution

I = 27,000 /=, P = 90,000/=, T = 5 years, R = ?

I  = PRT

      100

27,000  = 90,000 x R x 5

                      100

27,000  = 90,000 x R x 5

                      100

27,000  = 900 x R x 5

                      

27,000  = 4500R

           

⁶27,000= 4500R

   4500       4500

Hence the interest rate was  6%

TRY THIS………….

Ruta deposited the amount of 90,000/= in a bank for 5 years and got a profit of 31,500/=. Find the interest rate?