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.
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Step-by-step explanation:
no. of days = 219
interest charged for 219 days = 3150
rate of interest for 219 days =3150/50000 = 6.3% hence interest rate charged = 6.3 × 365/ 219 = 10.5%
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