Question

A man borrow rs 1200 from a bank for a period of 3 months he finds he has to repay rs 1236 find the bank rate of interest

Answer 1

A man borrows Rs. 1200 from a bank for a period of 3 months. He finds he has to repay Rs. 1236. Find e bank rate of interest. 1. See answer. Add answer+5 pts. Log in to add comment.

Answer 2

Answer:

Money borrowed by the man=1200

total period of borrowing money=3 months

total money with interest the man gave=1236

Therefore,

1236-1200=36

Again,

36/3

=12

The interest of the bank per month=₹12