Alok paid Rs.6720 to clear a debt of Rs.6000 to the bank after 1 year 6 months. What is the rate of interest charged by the bank? Pls answer with steps
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Interest = 6720-6000
= 720
Therefore
Rate= 720*100/(6000*3/2) as 1 6/12 cancellation is 3/2
Therefore
= 72000/9000
= 8℅
= 720
Therefore
Rate= 720*100/(6000*3/2) as 1 6/12 cancellation is 3/2
Therefore
= 72000/9000
= 8℅
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