Question

Rahul borrowed *50,000 from a bank on 1 march 2014 and paid *53,150 on 6 October 2014 find the rate of interest charged by the bank.

Answer 1

Step-by-step explanation:

interest charged by bank for 7 months = 53150- 50000= 3150

interest charged by bank for 1 month = 3150/7=450

interest charged by bank for 12 months = 450×12= 5400

let the rate of interest be x

then x% of 50000= 5400

x/100 × 50000= 5400

x = 10.8%