Question

Dinesh pays back 1,45,000 at the end of 5years to a bank. If he had borrowed 1,00,000 what is the rate of interest per annum charged by the bank?​

Answer 1

Answer:

Rate of Interest is 29%

Step-by-step explanation:

GIVEN,

Principle(P)=1,00,000

Time(T)=5 years

Simple Interest=1,45,000

Rate(R)=????

Simple Interest=$\frac{P*R*T}{100}$

       1,45,000=$\frac{1,00,000*R*5}{100}$

       1,45,000=500R

        $\frac{145000}{500}$=R

        29%=R

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