Question
Download Solution PDFMoney was lent on simple interest. After 12 years, its simple interest becomes \(\frac{3}{5}\) of the money. Find the rate of interest.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Time (T) = 12 years
Simple interest (SI) = (3/5) × Principal (P)
Formula used:
Simple interest (S.I) = (P × R × T)/100
Where, R = rate
Calculation:
Simple interest (S.I) = (P × R × T)/100
⇒ (3/5) × P = (P × R × 12)/100
⇒ (3/5) = (R × 12)/100
⇒ R = (3 × 100)/(12 × 5)
⇒ R = (100/20) = 5%
∴ The correct answer is 5%.
Last updated on Jul 17, 2025
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