Mr.Ganesh took a loan of RS.5,000 on 20th jan 2012 and repaid Rs5,080 on 1st April 2012.Find the rate of simple interest
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The loan took by Ganesh on 20th Jan 2012=5000rs.
The repaid money by the Ganesh on 1st April 2012=5080rs.
A=p(1+rt).
5080=(1+r×2)
5080=5000×2×r
5080=10000×r
r=10000-5080
r=4920.
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