Mary borrowed RM10 000 from a bank on 28 Mar 2005. If the accumulated amount was RM10 416.67 and the interest rate was 10%, find the date of repayment using Banker’s Rule.
Answers
Given : Mary borrowed RM10 000 from a bank on 28 Mar 2005.
If the accumulated amount was RM10 416.67 and the interest rate was 10%,
To find : the date of repayment
Solution:
Borrowed P = 10000
accumulated amount A = 10416.67
Interest = A - P
=> Interest = 10416.67 - 10000 = 416.67
R = 10 %
T = ?
SI = P * R * T / 100
=> 416.67 = 10000 * 10 * T /100
=> T = 0.41667 years
= 0.41667 * 365 days
= 152 days
28 Mar 2005
4 Days in March
30 days in April
31 days in May
30 days in June
31 days in July
26 days in august
Total = 4 + 30 + 31 + 30 + 31 + 26 = 152 days
Hence date of repayment is 26th August
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