a bank offer a personal loan of rs.50000 with a certain rate of markup rate for 5 years.after 5 years the pay back amount becomes rs 800000.what is the markup rate
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Answer:300 % p.a
Step-by-step explanation:
Given :-
P - rs 50000
T - 5 year
A - 800000
I = 800000-50000
= 750000
R = 750000×100/50000×5
= 300 p.a
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