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Raima took a loan of Rs. 1500 on SI for as many years as rate. If she paid Rs. 960 as interest, what is interest rate?

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Raima took a loan of Rs. 1500 with simple interest for as many years as the rate of interest. If she paid Rs. 960 as interest at the end of the loan period, what was the rate of interest?

posted Apr 25, 2017 by anonymous

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1 Answer

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Interest = loan * interest rate * duration, with interest rate = duration
Thus 960 = 1500 * interest rate * interest rate
interest rate = 8%

answer Apr 25, 2017 by Jcm

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