Question

7. Rahul borrowed 50,000 from a Bank on 1 March 2014 and paid 53,150 on 6 October
2014. Find the rate of interest charged by the Bank.​

Answer 1

✿ AnSwer :

• The interest rate charged by the bank is 9.22%.

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✒ GiVen :

• Money borrowed = Rs 50000 {1 March 2014}
• Money Paid by Rahul = Rs 53150 {6 October 2014}

✒ To Find :

• Rate of interest charged by the Bank = ?

✒ SoluTion :

By using the formula,

• I = P × n × r/100
• A = P+I

⛄ Interest :

$\implies$ 53150 - 50000

$\implies$ Rs 3150

Now, by substituting the values,

$\implies$ 50000 × 254 × r / (100 × 31× 12)

$\implies$ 3150 × 100 × 31 × 12 / (50000 × 254)

$\implies$ 9.22%

★ Therefore, the interest rate charged by the bank is 9.22% ★

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