> #mathematics , #finance > Zezani took a loan of R1500 with simple interest for as many years as the rate of interest. If she paid R432 as interest at the end of the loan period, what was the rate of interest?
Anonymous
more than 4 weeks ago

Zezani took a loan of R1500 with simple interest for as many years as the rate of interest. If she paid R432 as interest at the end of the loan period, what was the rate of interest?

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more than 4 weeks ago
Let the rate of interest be x% and the number of years be x.

Simple interest formula is: I = P * R * T / 100

Given:
P = R1500
I = R432
T = x

Substitute the values into the formula:
432 = 1500 * x * x / 100
432 = 15x^2
x^2 = 28.8
x = √28.8
x ≈ 5.36

Therefore, the rate of interest is approximately 5.36%.
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