Question

at what rate will rs7200 give rs3024 as simple interest in 4 years

Answer 1

Let the rate of the interest =x% per month
So, the interest of Rs7200 in 4 years
=48×7200×(x/100) ... (4 years=48 month)
=(48×72)x

Now, according to the question,
(48×72)x=3024
or, x= (3456/3024)
or, x=1.14%


So the rate of interest =1.14% per month


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