A lot paid 6720 to clear a debt of 6000 to the bank after one year six months. What is the rate of interest charged by the bank
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let the rate of interest be r
p=6000
t=1year 6months
r=r(let)
s.i.=a-p
6720-6000
720
s.i.=p×t×r/100×60
720=6000×1×r/100×60
720=30r
r=720/30
r=24%
p=6000
t=1year 6months
r=r(let)
s.i.=a-p
6720-6000
720
s.i.=p×t×r/100×60
720=6000×1×r/100×60
720=30r
r=720/30
r=24%
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