Question

A man lent rs 3500 on 27 th September 2006 and received rs 3647 on 4th may 2007 .at what rate of interest,the money was lent out

Answer 1

Answer:

Step-by-step explanation:Money lent=Rs.3500

Money received=Rs.3647

Simple Interest= 3647-3500=Rs.147

Simple Interest=P×R×T/100

R=S.I×100/P×T

where T=4days of september+3 days of may+31 of october+30 of november+31 of december+31 of january+28 of february+31 of march+30 of april=219 days 365 days=1 year

219days=219/365=0.6 years

R=147×100/3500×0.6

R=7%