Mohit pays ₹8680 as an amount on the sum of ₹7000 that he had borrowed for 2 yrars at what rate of intrest he borrowed the amount?
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Answer:
Step-by-step explanation:
A = Rs 8680
P = Rs 7000
SI = A – P = 8680– 7000 = Rs 1680
T = 2 years
R = ?
SI = (P × R ×T) / 100
R = (SI × 100) /(P× T)
R = (1680 × 100 /7000 × 2) =48%
Thus, R = 48%
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