Question

If the simple interest on ​$2000 for 10 years is ​$​,1000 then what is the interest​ rate?

Answer 1

$\bf \underline{Given :}$

$\sf{• \: Principal \: (P) = \ \: 2000}$

$\sf{• \: Simple \: Interest \: (I) = \ \: 1000}$

$\sf{• \: Time \: (T) = 10 \: years}$

$\sf{• \: Interest \: Rate \: (R) = \: ?}$

$\bf \underline{Solution:-}$

$\sf {We \: know \: that, }$

$\bf \red{\bigstar{ \: I = PRT}}$

$\sf{⟹1000 = 2000 \times \frac{R}{100} \times 10 }$

$\sf{⟹1000 = \frac{R}{100} \times 20000}$

$\sf{⟹ \frac{R}{100} = \frac{1000}{20000} }$

$\sf{⟹R = \frac{1}{20} \times 100 }$

$\sf⟹ R = 5$

$\pink{\bf{Hence, \: the \: interest \: rate \: is \: 5 \: \%. }}$