Question

At what annual simple interest rate should a loan of Rs.5000 be given to receive the same interest that is received when a loan of Rs.6000 is given at an annual simple interest rate of 8%?(Rs is the money unit of sri lanka.)​

Answer 1

Formula :-

$\sf \: S.I \: = \frac{P.R.T}{100}$

Given that :-

The interest received on Rs 5000 = interest received on Rs 6000 , when rate of interest on Rs 6000 is 8 % .

To Find :-

The rate of interest on rupees 5000 .

Solution :-

→ S.I = P.R.T/100

→ 5000.R. 1 / 100 = 6000 × 8 × 1 / 100

→ 50 R = 60×8

→ 50 R = 480

→ R = 480/ 50

→ Rate of interest = 9.6 %

So rate on Rs 5000 is 9.6 %