A Bank gave Raju a loan of rupees 12000 he paid back the money along with a simple interest in 12 month if the bank got an interest of rupees 1920. At what rate was the charged by the bank
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Answer:
16%
Step-by-step explanation:
P=12000
SI=1920
R=?
T= 1year=12months
SI=P×R×T/100
1920=1×1200×R/100
R=16%
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