at what rate percent will the interest on rs 2,520 add up to rs 84 in 8 months
since 8 mo. is 2/3 year,
2520(2/3)(r/100) = 84
At what percent will the interest on Rs. 2520 add up to Rs. 84 in 8 months?
To find the rate percent at which the interest on Rs 2,520 adds up to Rs 84 in 8 months, we can use the formula for simple interest:
Simple Interest = (Principal * Rate * Time) / 100
In this case, the principal is Rs 2,520, the time is 8 months, and the interest is Rs 84.
Plugging these values into the formula, we can solve for the rate:
84 = (2520 * Rate * 8) / 100
Multiplying both sides of the equation by 100 and dividing by (2520 * 8), we get:
84 * 100 / (2520 * 8) = Rate
Simplifying further:
Rate = 1 / 3.8
Rate = 26.32 (approximately)
Therefore, the rate percent at which the interest on Rs 2,520 adds up to Rs 84 in 8 months is approximately 26.32%.
To find the rate percent at which the interest will add up to a certain amount, we can use the formula for simple interest:
Simple Interest = (Principal x Rate x Time) / 100
Let's solve the equation step-by-step to find the rate percent.
Step 1: Define the given values:
Principal (P) = Rs 2,520
Simple Interest (SI) = Rs 84
Time (T) = 8 months
Step 2: Substitute the values into the simple interest formula:
84 = (2520 x Rate x 8) / 100
Step 3: Simplify the equation:
84 = 20160xR / 100
8400 = 20160xR
Step 4: Solve for R (the rate percent):
Rate (R) = 8400 / 20160
Rate (R) ≈ 0.41667
Step 5: Convert the decimal into a percentage:
Rate (R) = 0.41667 x 100
Rate (R) ≈ 41.67%
Therefore, the rate percent at which the interest on Rs 2,520 will add up to Rs 84 in 8 months is approximately 41.67%.