Mohan borrows Rs 9,000 for 4 years and pays Rs 2700 as interest. Find the rate of interest charged.
Answers
Answered by
1
Answer:
The rate of interest is 7.5 percent
Step-by-step explanation:
Si= p*r*t/100
2700 = 9000*4*r/100
270000= 9000*4*r
r=7.5%
Answered by
1
Answer:
7.5%
Step-by-step explanation:
For simple interest:
I = PRT/100
R = 100I/PT
where R = rate of interest, P = Principal, T = Time Period, I = Interest
R = (100×2700)/(9000×4)
R = 7.5%
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