14. Atul borrowed ₹4225 from Amar. At the end of 4 years Atul had to pay back
₹6253. What was the rate of simple interest?
Answers
Answered by
4
Answer:
the interest is 5% is correct answer
Answered by
13
Answer:
12%
Explanation:
Formula used for Simple Interest
A = P(1 + rt)
Where
A is final amount i.e. 6253
P is initial amount i.e. 4225
r is rate of interest
t is time duration i.e. 4
So,
6253 = 4225(1 + r*4)
6253 = 4225 + 4*4225r
r = (6253-4225)/4*4225
r = 2028/16900
r = 0.12
Hence rate of simple interest is 12%
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