Question
Download Solution PDFIf the ratio of principal and simple interest for 5 years is 10 ∶ 7, then the rate of interest per annum is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Ratio of principal and simple interest for 5 years = 10 ∶ 7
Formula Used:
Simple Interest (SI) = (Principal (P) × Rate (R) × Time (T)) / 100
SI / P = R × T / 100
Calculation:
Let the principal be 10 units and simple interest be 7 units.
Time (T) = 5 years
SI / P = R × T / 100
7 / 10 = R × 5 / 100
⇒ 7 / 10 = 5R / 100
⇒ 7 / 10 = R / 20
⇒ R = 7 × 2
⇒ R = 14%
The rate of interest per annum is 14%.
Last updated on Jul 10, 2025
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