Rahul borrowed ₹50,000 from the bank on 1 March 2014 and paid ₹53,150 on 6 October 2014. Find the rate of interest charged by the bank. please give answer.
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Answer:
A = P+I
and I = p*n*r/100
P = Rs. 50,000 and A = Rs. 53,150.
I = 53,150 - 50,000 = 3,150
n = 6 Oct, 2014 - 1 Mar, 2014 = 8 months 6 days = 8 6/31 months = 254/31 months = 254 / (31*12) years.
therefore, 3150 = 50,000 * 254 * r / (100*31*12)
Or r = 3150 * 100 * 31 * 12 / (50,000 * 254) = 9.22%
Therefore, the interest rate charged by the bank is 9.22%.
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