Question

i took a loan of RS 200 from my friend and after 8 months i paid him RS 300 to settle my loan , calculate what was the rate of intreset ?

Answer 1

Answer:

Divide your interest rate by the number of payments you'll make that year. If you have a 6 percent interest rate and you make monthly payments, you would divide 0.06 by 12 to get 0.005. Multiply that number by your remaining loan balance to find out how much you'll pay in interest that month.