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If the principal is $15000 and the bankers discount is $2250, what is the rate o
If the principal is $15000 and the bankers discount is $2250, what is the rate of interest?
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Practice Questions
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Q1
If the principal is $15000 and the bankers discount is $2250, what is the rate of interest?
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Rate = (Bankers Discount × 100) / (Principal × Time) = (2250 × 100) / (15000 × 1) = 15%.
Questions & Step-by-step Solutions
1 item
Q
Q: If the principal is $15000 and the bankers discount is $2250, what is the rate of interest?
Solution:
Rate = (Bankers Discount × 100) / (Principal × Time) = (2250 × 100) / (15000 × 1) = 15%.
Steps: 9
Show Steps
Step 1: Identify the principal amount, which is $15000.
Step 2: Identify the bankers discount, which is $2250.
Step 3: Understand that the formula to find the rate of interest is: Rate = (Bankers Discount × 100) / (Principal × Time).
Step 4: Assume the time period is 1 year (since it is not given).
Step 5: Substitute the values into the formula: Rate = (2250 × 100) / (15000 × 1).
Step 6: Calculate the denominator: 15000 × 1 = 15000.
Step 7: Calculate the numerator: 2250 × 100 = 225000.
Step 8: Divide the numerator by the denominator: 225000 / 15000 = 15.
Step 9: The result is 15, which means the rate of interest is 15%.
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