Question

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.​

Answer 1

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%