give solution

Question

Mr A borrowed a certain sum of money .After 2 years ,the amount to be repaid was 838500 and at the end of 3 years the amount to be repaid was 932750. How much money had Mr A borrowed and at what rate of simple interest?

Answer 1

S.I = PRT/100

 

we can calculate simple interest here by

 

932750 - 838500= 94,250

 

so Money he borrowed = 838500 -2(94250) = 650,000

 

Rate of S.I

 

S.I = PRT/100

 

94,250 = 650,000*R*1/100

 

94250 *100/650000 =R

 

14.5 =R

 

so interest rate is 14.5 %