Question
Download Solution PDFX took a loan of Rs. 12500 with simple interest for as many years as the rate of interest. If the interest paid at the end of the period was Rs. 18000, then what was the rate of interest?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven
X took a loan = Rs 12500
Formula used
Simple Interest = principal × Rate × time/100
Calculation
Rate of interest = Time = x
⇒ 18000 = 12500 × x2/100
⇒ x2 = 144
x = 12%
∴ The rate of Interest is 12 percent
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