Question

At simple interest a sum becomes 6/5 of itself in 5/2years. What is the rate % per annum?​

Answer 1

Divide the annual interest amount by 12 to calculate the amount of your per annum interest payment that is due each month. If you owe $600 for the year, you make monthly payments of $50. Another way to make the same calculation is to divide the annual interest rate by 12 to calculate the monthly rate

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Answer 2

Answer:

Rate % = 8% per annum

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