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Question
At a certain rate of interest, the interest after 4 years on 5000 rupees principal is 1200 rupees. What would be the interest of 15000 rupees at the same rate of interest for the same period?
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Solution
Given:
Principal (P) = 5000 rupees,
Time (T) = 4 years
Total interest (I) = 1200
Formula:
Rate of interest (R) = `("I"xx100)/("P"xx"T")`
Solution:
Rate of interest (R) = `(1200xx100)/(5000xx4)`
= 6%
Now, Total interest (I) on 15000 rupees = `("P"xx"R"xx"T")/100`
= `(15000xx6xx4)/100`
= 3600 rupees
Hence, the rate of interest for the same period is 3600 rupees.
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Fill in the blanks in the table.
| Principal | Rate of interest (p.c.p.a.) | Time | Interest | Amount |
| ....... | `2 1/2%` | 5 years | 2400 | ...... |
