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To find Rate when Principal Interest and Time are given
To find Rate when Principal Interest and Time are given the rules are. Interest = (Principal × Rate × Time)/100 Rate = (100 × Interest)/(Principal × Time) Examples to find Rate when Principal, Interest and Time are given: 1. Find Rate, when Principal = $ 3000; Interest = $ 400; Time = 3 years. Solution: Principal = $ 3000, Interest = $ 400, Time = 3 years. Rate = (100 × Interest)/(Principal × Time) = (100 × 400)/(3000 × 3) = 40000/9000 = 4.44 % Therefore, Rate = 4.44 %. 2. Find Rate, when Principal = $ 2100; Interest = $ 350; Time = 2 years. Solution: Principal = $ 2100, Interest = $ 350, Time = 2 years. Rate = (100 × Interest)/(Principal × Time) = (100 × 350)/(2100 × 2) = 35000/4200 = 8.33 % Therefore, Rate = 8.33 %. 3. Find Rate, when Principal = $ 10000; Interest = $ 800; Time = 5 years. Solution: Principal = $ 10000, Interest = $ 800, Time = 5 years. Rate = (100 × Interest)/(Principal × Time) = (100 × 800)/(10000 × 5) = 80000/50000 = 1.6 % Therefore, Rate = 1.6 %. 4. Richard deposits 5400 and got back an amount of 6000 after 2 years. Find Richard's interest rate. Solution: Amount deposited by Richard = 5400 He received the amount of money after 2 years = 6000 Simple Interest = 6000 – 5400 = 600 Principal = $ 5400 Interest = $ 600, Time = 2 years. Rate = (100 × Interest)/(Principal × Time) = (100 × 600)/(5400 × 2) = 60000/10800 Therefore, Rate = 5.56 %. Related Links : ● Simple Interest.
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