Question

Naresh borrowed 28000 from a bank at simple interest. After three years he paid back 12000 to bank and after two
more years he paid back 21800 and settled the account. Find the rate of interest charged by the bank.​

Answer 1

Answer:

A=12000+21800 = 33800

P= 28000

I = A-P

= 33800-28000

= 5800

I =PRT/100

R = I×100 /PT

= 5800 ×100 / 28000 ×4

= 125 /28

R = 4.46%