What is the rate of interest on a loan of $2,000, for 284 days, if the amount of interest is $93.37, using the exact interest me
1 answer:
Answer: Option (c) is correct. Rate of interest = 6% p.a.
Step-by-step explanation:
Given that,
principal amount = $2000(loan)
time period = 284 days
interest amount (SI) = $93.37
we have to calculate the rate of interest (i),
Simple interest(SI) = principal amount × rate of interest (i) × time period
93.37 = 2000 × i ×
i =
i = 0.06
i = 6%
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