Question

8. Samir borrows rupees60 000 from Rahim. He clears his debt by returning rupees
364 000 to Rahim at
the end of 12 months. Find the rate of interest charged by Rahim.
please tell step by step.
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Answer 1

Answer:

0.66%

Step-by-step explanation:

Principal amount=60000

Total amount paid=64000

So the total simple interest paid=64000-60000=4000

Now I= PRT/100

  or,400=60000*R*1/100

40000=60000*R

60000*R=40000

R=40000/60000  

R=4/6=0.66%