A man paid 8640 for a loan of 8000 taken for 320 days. Find the rate of interest charged by the bank
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Rate of interest= 2% per day beacause 8640 - 8000 = 640 and 320 × 2 = 640
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8640 total
8000 loan
after subtract
interest 640
640/320=2
so rate is 2%
8000 loan
after subtract
interest 640
640/320=2
so rate is 2%
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