If the interest on an amount of Rs 5000 is Rs 1500 in 3 years, what is the rate of interest?
Answer: 10%
Explanation
SI = (P × R × T) / 100
Where:
- SI = ₹1500
- P = ₹5000
- T = 3 years
- R = ?
1500 = (5000 × R × 3) / 100
⇒ 1500 = 150R
⇒ R = 1500 / 150 = 10%
Where:
- SI = ₹1500
- P = ₹5000
- T = 3 years
- R = ?
1500 = (5000 × R × 3) / 100
⇒ 1500 = 150R
⇒ R = 1500 / 150 = 10%
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