Question

Amit borrowed sum of rupees 8500 from the
ICICI Bank on 8th November 2001 and cleared off
his debt in on 2nd April 2002 by depositing rupees 8908
at what rate did he borrow?
please step-by-step solution...​

Answer 1

Answer:

Let amit borrow Rs x;

x[(1+

100

8

)

2

−1]−

100

x×8×2

=16

⇒0.1664x−0.16x=16

⇒x=

0.0064

16

Rs.2500