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.
Answers
Answered by
26
no of days= 219
Interest charged for 219 days = 3150
Rate of interest for 219 days
=3150/50000
=6.3%
yearly interest rate charged= 6.3 x 365/219
=10.5%
Interest charged for 219 days = 3150
Rate of interest for 219 days
=3150/50000
=6.3%
yearly interest rate charged= 6.3 x 365/219
=10.5%
Similar questions