Aptitude Day 188

Problems on Simple Interest:

1. A sum of 5000 amounts to 8000 in 3 years at the rate of simple interest. What’s the rate of interest?

Solution:

                 S.I = 8000-5000 = 3000.

                 S.I = PTR/100

                 R = 3000*100/5000*5

                 R = 20%

2. Tom took a loan of 90000 with a simple interest for as many years as the rate of interest. If she paid 2500 as interest at the end of the loan period, what was the rate of interest?

Solution:

                 T = R [Given]

                 S.I = PTR/100

                 2500 = 90000*R*R/100

                 R² = 2500*100/ 90000

                 R = 5/3 %