Question

The simple interest on a certain sum of money is `3/8` of the sum in `6 1/4` years. Find the rate percent charged.

Answer 1

Let P = Rs.8

S.I. = Rs.`3/8xx8`

= Rs.3

T =`6 1/4` years = `25/4` years

We know that :

R =`(100xx"I")/("P"xx"T")`

`=(100xx3)/(8xx25/4)=(100xx3)/8xx4/25=2xx3`

= 6%