Mohit borrowed rs 6000 from his friend and after one year he returned rs 7500 calculate the rate of interest paid per annum by Mohit
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Answer:
amount=7500;principal=6000
→interest = 1500
let the rate be r
→interest =( p×r×t) /100
→1500 = (6000×r×1) /100
→150000=6000r→r=25
therefore rate is 25%.
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