Simply Interesting
Simple Interest is calculated by the formula
S.I. = (P x R x T)/100.
where P = Principal, R = Rate of Interest and T = Period of Interest.
Find the Time
The cost of construction of the panels is $625000
The founder of the project took a loan.
He was charged interest at 12.5% per annum.
The interest paid by the founder was equal to the principal.
Find the number of years for which the loan was taken.
Solution
T = S.I. x 100/PR =
$625000 x 100/ $625000 x 12.5 = 100/12.5 =
8 years.
Find the Rate
The cost of construction of the panels is $625000
The founder of the project took a loan.
The duration of the loan was 16 years.
The interest paid by the founder was equal to the principal.
Find the interest rate at which he took the loan.
Solution
R = S.I. x 100/PT =
$625000 x 100/ $625000 x 16 = 100/16 =
6.25%
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