7. Rahul borrowed 50,000 from a Bank on 1 March 2014 and paid 53150 on 6 October 1
2014. Find the rate of interest charged by the Bank.
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Answer:
P=Rs5oooo
A=53150
I=3150
N = march=31
April...... 30
. may. 31
June. 30
July. 31
Aug. 31
sep. 30
Oct. 5
Total. 219 days=219/365 yrs
R = 100xl/PN
100x3150x365/50000x219
= 10.5%
Rate of interestl0.5%
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