Mohit pays ₹8680 as an amount on the sum of ₹ 7000 that he had borrod for 2 years . At what rate of intrest he borrode the amount
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Answer:
Answer is R => 14.29%
Given:
A = Rs 9000
P = Rs 7000
SI = A – P = 9000 – 7000 = Rs 2000
T = 2 years
R = ?
By using formula:
SI = (P × R ×T) / 100
R = (SI × 100) /(P× T)
R = (2000 × 100 /7000 × 2) =14.29 %
Thus, R = 14.29%
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