Question

Rahul borrowed rs 50000 from a bank on 1 march 2014 and paid rs 53150 on 6 October 2014.find the rate of interest charged by the bank.

Answer 1

Interest charged for 219days = 3150
Rate of interest for 219days=3150/50000=6.3%

Hence yearly interest rate charged=6.3*365/219=10.5%

Answer 2

Answer:

10.45%

Step-by-step explanation:

Principal = Rs.50000

Amount = Rs. 53150

Interest = Amount - Principal = 53150-50000=Rs.3150

Time = 1 march 2014 to 6 october 2014 = 220 days = $\frac{220}{365} years$

SI = $\frac{P \times R \times T}{100}$

$3150=\frac{50000\times R \times \frac{220}{365}}{100}$

$R=10.45$

Hence the rate of interest charged by the bank is 10.45%