If Meenakshee pays an interest of ₹1500 for 4 years on a sum of ₹2500, find the rate of interest per annum(p.a.)

Solution:

Meenakshee pays an interest of ₹1500 for 4 years on a sum of ₹2500

We have to find the rate of interest per annum

Interest, I = P×R×T/100

According to the question,

P = ₹2500

I = ₹1500

T = 4 years

Now, 1500 = (2500×R×4)/100

1500 = 25×R×4

R = 1500/(25×4)

= 300/(5×4)

= 60/4

= 15%

Therefore, the rate of interest is 15%

✦ Try This: If Megha pays an interest of ₹1800 for 3 years on a sum of ₹4500, find the rate of interest per annum(p.a.)

☛ Also Check: NCERT Solutions for Class 7 Maths Chapter 8

NCERT Exemplar Class 7 Maths Chapter 7 Sample Problem 10

If Meenakshee pays an interest of ₹1500 for 4 years on a sum of ₹2500, find the rate of interest per annum(p.a.)

Summary:

If Meenakshee pays an interest of ₹1500 for 4 years on a sum of ₹2500, the rate of interest per annum(p.a.) is 15%

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