Question

Mohit pays rupees 9000 as an amount on the sum of rupees 7000 that he had borrowed for 2 years.

Answer 1

Answer:

The required rate of interest   =   14.285%

Step-by-step explanation:

Here, The principal amount = 7,000

The final paid amount = 9,000

Time = 2 years

Let us assume the rate of interest = R

Now, Simple Interest  =  Amount - Principal

                                      =  9,000 - 7,000  = 2,000

So, the SI on the given principal for 2 years  = 2,000

$\textrm{SIMPLE INTEREST } = \frac{P \times R \times T}{100}\\\implies 2000 = \frac{7,000 \times R \times 2}{100}\\\implies R = \frac{2,000 \times 100}{7,000 \times 2} = 14.285$

or, R =  14.285%

Hence, the required rate of interest   =   14.285%