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

I=PRT÷100 53150=50000×converet 7 month 5 days in year and solve R= 53150× 100÷50000and time u will get ans

Answer 2

The interest rate charged by the bank is 9.22%.

_____________________

Given :

Money borrowed on 1 March 2014 = Rs 50,000

Money Paid by Rahul on 6 October 2014 = Rs 53150

To Find :

Rate of interest charged by the Bank.

Solution :

• ★ Formulae to be used :

1. I = P × n × r/100
2. A = P + I

So,

★ Interest :

⟹ 53150 - 50000

⟹ Rs 3150

Now, substituting the values,

⟹ 50000 × 254 × r / (100 × 31× 12)

⟹ 3150 × 100 × 31 × 12 / (50000 × 254)

⟹ 9.22%

★ Therefore, the interest rate charged by the bank is 9.22%