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Maths-

General

Easy

Question

The simple interest on a sum of money at the end of 3 years is of the sum itself. What rate percent was charged?

hint Hint:

It is given that SI is $3 over 16$ times the sum itself.

The correct answer is: 6.25%

Complete step by step solution:
Let the sum of money = P
It is given that SI is $3 over 16$ times the sum itself = $3 over 16$ P.
We calculate simple interest by the formula, $S I equals fraction numerator P T R over denominator 100 end fraction$
where P is Principal amount, T is number of years and R is rate of interest
Here, we have $S I equals 3 over 16 P comma T equals 3 text and end text R equals ?$
On substituting the known values we get, $3 over 6 P equals fraction numerator P cross times 3 cross times R over denominator 100 end fraction$
On further simplifications, we have $1 over 16 equals R over 100$ .
$not stretchy rightwards double arrow R equals 100 over 16 equals 6.25 straight percent sign$

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