Question

if you borrow an amount of 300 Rs for one month. the borrower charged 6 Rs. the rate of interest is : ???????????????
please find the percentage...............? immediately

Answer 1

The rate of interest is 24 %.

Step-by-step explanation:

Given, Principal = P = Rs. 300

Interest = I = Rs. 6

Time = T = 1 month = $\frac{1}{12}$ years

R = Rate of interest in percentage

I = $\frac{PRT}{100}$

=> R = $\frac{100I}{RT}$

=> R = $\frac{100\times 6}{300 \times \frac{1}{12}}$

=> R = 2 x 12 = 24 %

Hence, the rate of interest is 24 %.