Rahul borrowed Rs 50,000 from a bank on 1st March 2002 and paid Rs 53,150 on 6th October 2002. Find the rate of interest charged by the bank
Answers
Answered by
44
When the time is given in days , 365 days are reckoned to a year.
The day on which the money is paid back should be included but not the day on which it is borrowed, i.e, the first day is omitted.
From the data given above
Number of days from 1st March 2002 to 6th October 2002 =d=30days+30+31+30+31+31+31+6
d=219
Principal=P=Rs50000
Amount paid =A=Rs53150
Interest (I)= A-P
I=53150-50000=Rs3150
Let rate of interest=r
I=P×r×d/365×1/100
Therefore
r=(I×365×100)/(P×d)
r=(3150×365×100)/(50000×219)
After cancellation
r=10.5%
The day on which the money is paid back should be included but not the day on which it is borrowed, i.e, the first day is omitted.
From the data given above
Number of days from 1st March 2002 to 6th October 2002 =d=30days+30+31+30+31+31+31+6
d=219
Principal=P=Rs50000
Amount paid =A=Rs53150
Interest (I)= A-P
I=53150-50000=Rs3150
Let rate of interest=r
I=P×r×d/365×1/100
Therefore
r=(I×365×100)/(P×d)
r=(3150×365×100)/(50000×219)
After cancellation
r=10.5%
Answered by
0
Answer:
your answer is 10.5% give me thanks and mark me as brainiest
Similar questions