Question

banking chapter question​

Answer 1

Answer:

rate of interest =10%

Step-by-step explanation:

p=1600

months=18

maturity value=31,080

M.V=p*n+p*n*(n+1)*r/2*12*100

31080=1600*18+1600*18*19*r/2*12*100

31,080-28800=456/2r

2280=456/2r

4560/456=r

r=10%

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