Question

A man borrows rs. 1200.00 from a bank for a period of 3 months. He finds that he has to repay rs.1236.00. The bank rate of interest is:

Answer 1

S.I.= Principal*Rate of interest*Time/ 100

1236= 1200* R* 1/4

1236= 300*R

1236/300=R

4.12% = R

Therefore, Rate of interest is 4.12%