Ravi took a loan of Rs. 696 with simple interest for as many years as the rate of interest. If he paid Rs. 696 as interest at the end of the loan period, what percent was the rate of interest?Options104197599785
Question
Ravi took a loan of Rs. 696 with simple interest for as many years as the rate of interest. If he paid Rs. 696 as interest at the end of the loan period, what percent was the rate of interest?Options104197599785
Solution 1
The formula for simple interest is I = PRT/100, where I is the interest, P is the principal amount, R is the rate of interest, and T is the time in years.
Given in the problem:
- The principal amount (P) is Rs. 696.
- The interest (I) is also Rs. 696.
- The time (T) is the same as the rate of interest (R).
We can substitute these values into the formula and solve for R:
696 = 696 * R * R / 100
Solving for R, we get R^2 = 100, so R = 10.
Therefore, the rate of interest is 10%.
Solution 2
The problem is about simple interest and the formula for simple interest is I = PRT/100, where I is the interest, P is the principal amount, R is the rate of interest, and T is the time in years.
Given in the problem: Principal, P = Rs. 696 Interest, I = Rs. 696 Time, T = Rate of interest, R (in years)
We need to find the rate of interest, R.
Substituting the given values in the formula, we get:
696 = (696 * R * R) / 100
Solving this equation for R, we get:
R^2 = 100
Taking the square root of both sides, we get:
R = 10
So, the rate of interest is 10%.
Therefore, none of the options (104, 197, 599, 785) are correct.
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