Question

A money lender lends money, collecting 2 paise per rupee per month. Find the rate of interest per cent per year. ​

Answer 1

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On ₹1 Interest = 2 Paise.

That,

₹0.02 in 1 Month.

So,

Rate% = 0.02/1

= 2%

Answer 2

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Question :-

A money lender lends money, collecting 2 paise per rupee per month. Find the rate of interest per cent per year.

Answer :-

On 1 ₹ Interest is 2 paisa.. i.e...., 0.02 rs in 1 month

So, rate of interest = Interest / principal

Rate % = 0.05 / 1 = 5 %

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