A person borrowed a sum of ₹ 20000 for 2 year on simple interest. he had to repay ₹ 24800 including interest after 2 year the rate of interest per annum was
Answers
Answered by
17
principle=20000
time=2yrs
amount=24800
simple interest = 20000-24800=4800
equation: principle × rate × time ÷ 100 = simple interest
so, rate = simple interest ×100 / time × principle
rate = 4800×100 / 2×20000= 12
Answer : rate = 12%
Similar questions