Question

8. Samir borrows 760 000 from Rahim. He clears his debt by returning 764 000 to Rahim at
the end of 12 months. Find the rate of interest charged by rahim​

Answer 1

Answer:

Explanation:

Sol:

Principal = Rs 60000

Amount = Rs 64000

Time = 10 months = 10/12 years

Interest = 64000 - 60000 = Rs 4000

Interest = (P x T x R) / 100

4000    = (60000 x 10/12 x R) / 100

R = 4000 / 500

R = 8%

Therefore, rate of interest is 8%.

Answer 2

I=prt/100

r=I*100/pt

764000-760000

interest=4000

time=1 year

principal=760000

r=(4000*100)/760000*1

r=40000/760000

r=19%