Question

Rahul borrowed Rs 50000 from a bank on 1 March 2014 and paid 53150 rupees on 6 October 2014 find the rate of interest charged by the bank​

Answer 1

Answer:

50,000 and A = Rs. 53,150. n = 6 Oct, 2014 - 1 Mar, 2014 = 8 months 6 days = 8 6/31 months = 254/31 months = 254 / (31*12) years. Therefore, the interest rate charged by the bank is 9.22%.

Step-by-step explanation:

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Answer 2

Step-by-step explanation:

50,000 and A = Rs. 53,150. n = 6 Oct, 2014 - 1 Mar, 2014 = 8 months 6 days = 8 6/31 months = 254/31 months = 254 / (31*12) years. Therefore, the interest rate charged by the bank is 9.22%.