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Question
Basha borrowed ₹ 8,500 from a bank at a particular rate of simple interest. After 3 years, he paid ₹ 11,050 to settle his debt. At what rate of interest he borrowed the money?
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Solution
Let the rate of interest be r% per annum
Here Principal P = ₹ 8,500
Time n = 3 years
Total amount paid = ₹ 11,050
A = P + 1 = ₹ 11,050
i.e. 8,500 + 1 = ₹ 11,050
I = ₹ 11,050 – ₹ 8,500 = ₹ 2,550
Also we know that I = `"Pnr"/100` = ₹ 2,550
`(8,500 xx 3 xx "r")/100` = ₹ 2,550
r = `(2550 xx 100)/(8500 xx 3)`
r = 10%
Rate of interest r = 10%
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