Question

The interest of rs12000 for 3yrs is rs2160.find the rate of interest
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Answer 1

6%

Explanation:

Given,

Interest (I) = 2160

Principal (P) = 12000

Time (T) = 3 yrs

Rate (R) = ?

We know that,

R = ( I *100)/ (P*T)

= (2160*100)/(12000*3)

= 6%

therefore, the rate of interest is 6%