Question

Rahul borrowed rs 50,000 from a bank on 1st march 2002 and paid rs 53150 on 5th October 2002. find the rate of interest charged by the bank.

Answer 1

ANSWER-

Step-by-step explanation -

A = P +I  

I = p*n*r/100

P = rs. 50,000  AND  A = rs. 53,150.

I = 53,150 - 50,000

I= 3,150

(Time ) n = 6 Oct, 2014 - 1 Mar, 2014 = 8 months 6 days = 8 6/31 months = 254/31 months = 254 / (31*12) years.

so,  3150 = 50,000 * 254 * r / (100*31*12)

or r = 3150 * 100 * 31 * 12 / (50,000 * 254)

= 9.22%

Hence, interest rate charged by bank = 9.22%.

Answer 2

Given,
Principal = 50000
Simple interest = 53150-50000=3150
Time :-
from 1st march to 5th October
number of days :-
number of days in March = 30
Number of days in April = 30
number of days in May = 31
number of days in June = 30
number of days in July = 31
number of days in August = 31
number of days in September = 30
number of days in October = 5
Total number of days = 31+30+31+30+31+30+30+5 = 218
time = 218/365 year.
Rate of interest = SI × 100/ P × T
=>3150×100/50000×218/365
=> 315/50×218/365
=> 6.3/1/218/365
=> 11%