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Find the interest on Rs. 3200 for 3 years at the rate of 5%.(ii) In what time Rs. 2000 becomes 2400, if rate of interest is 8%

Question

Find the interest on Rs. 3200 for 3 years at the rate of 5%.(ii) In what time Rs. 2000 becomes 2400, if rate of interest is 8%

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Solution

Sure, let's solve these problems one by one.

(i) To find the interest on Rs. 3200 for 3 years at the rate of 5%, we use the formula for simple interest which is PRT/100, where P is the principal amount, R is the rate of interest, and T is the time in years.

So, Interest = (3200 * 5 * 3) / 100 = Rs. 480

(ii) To find the time when Rs. 2000 becomes Rs. 2400 at the rate of 8%, we use the formula for time in the simple interest formula, which is (Interest / (P * R)) * 100.

Here, the interest is Rs. 400 (which is 2400 - 2000), the principal is Rs. 2000, and the rate is 8%.

So, Time = (400 / (2000 * 8)) * 100 = 2.5 years.

This problem has been solved

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