Question
Download Solution PDFA person deposited Rs. 500 for 3 years, Rs. 650 for 5 years, and Rs. 1,250 for 7 years. He received a total simple interest of Rs. 1,620. The rate of interest per annum is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Person deposited Rs. 500 for 3 years
Person deposited Rs. 650 for 5 years
Person deposited Rs. 1250 for 7 years
Total simple interest is Rs. 1620
Formula used:
S.I = Amount – P
S.I = (P × R × T)/100
Where S.I = Simple Interest
P = Principal, R = Rate, T = time
Calculation
⇒ 1620 = (500 × R × 3)/100 + (650 × R × 5)/100 + (1250 × R × 7)/100
⇒ 1620 = 15R + 32.5R + 87.5R
⇒ 135R = 1620
⇒ R = 12%
∴ The rate of interest per annum is 12%.
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