r = (100 x I)/(P x T)
I = (p x r x t)/100
I = $25.20
A = P+I
A = 235.20
Let rate = R% and time = R years.
Then,
=> R = 6.
We have P = 15 000, r = 0.07 and since the actual date the loan was taken out
is not given, we use t =7/12
I = Prt=$15 000* 0.07* 7/12 = $612.50
Amount repaid = Future or accumulated value,
S = P + I = $15 000 + $612.50 = $15 612.50
r=I/PT
S.I=PNR/100
Let p be the principle amount
And R% be the rate of interest
Then, required ratio =
= 2:3
We know that I = PTR/100
11 = (2x30xR)/100
R = 18.333 %
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