A sum of 15,600 amounts to 21,200 in 5 years at the rate of simple interest.
A sum of 15,600 amounts to 21,200 in 5 years at the rate of simple interest. What is the rate of interest?
Answer/Solution
7%
Steps/Work
C
7%
S.I. = (21200 - 15600) = 5600.
Rate = (100 x 5600)/(15600x5)% = 7%
7%
S.I. = (21200 - 15600) = 5600.
Rate = (100 x 5600)/(15600x5)% = 7%