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.
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Answer 1

Answer:

10.45%

Step-by-step explanation:

Amt. borrowed = 50000

Amt. paid in return = 53150

hence interest = 53150 - 50000

= Rs. 3150

No. of days = 220   (From March 1 to October 6 )

let interest charged be X

3150 = 50000 × 220/365 × X /100

X = 3150 × 365 × 100 / 50000 × 220

X = 10.45%

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