Question

if a weaver pays back rupees 5060 for a rupees 5000 loan in only three weeks at what annual rate of interest had he taken the loan

Answer 1

$interest \: is \: = 5060 - 5000 = 60 \: for \: 3 \: weeks. \\ so \: interest \: for \: one \: week \: is \: \frac{60}{3} = 20 \\ and \: interest \: interest \: for \: one \: year \: = 20 \times 52 = 1040 \\ hence \: the \: rate \: of \: interest \: = \frac{1040}{5000} \times 100\% \: per \: year = 20.8 \% \: per \: year$