SIMPLE INTEREST 1E

 

Rayan deposited the amount of 8,000/= in a bank for 5 years and got a profit of 2800/=. Find the interest rate?

 

Solution

 

I = 2800/=, P = 8,000/=, T = 5 years, R = ?

 

I  = PRT

      100

 

Where P=Principal amount

            I = simple Interest

           T= Time

           R=Rate

 

2800  = 8,000 x R x 5

                      100

 

 

2800  = 8,000 x R x 5

                      100

 

2800  = 80 x R x 5

                      

2800  = 400R

          

⁷2800  = 400R

  400       400

 

Hence the interest rate was Tsh 7%

 

 

TRY THIS……………….

 

 

Kibonde deposited the amount of 15,000/= in a bank for 4 years and got a profit of 3000/=. Find the interest rate?