Rahul borrowed Rs50000 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
Answer:
rate = 10.8%
Step-by-step explanation:
time= 7/12 years (7 months)
time= 7/12 years (7 months)principal = 50000
time= 7/12 years (7 months)principal = 50000amount = 53150
time= 7/12 years (7 months)principal = 50000amount = 53150SI = 53150 - 50000
time= 7/12 years (7 months)principal = 50000amount = 53150SI = 53150 - 50000therefore, SI = 3150
time= 7/12 years (7 months)principal = 50000amount = 53150SI = 53150 - 50000therefore, SI = 3150rate = (SI × 100)/principal × time
time= 7/12 years (7 months)principal = 50000amount = 53150SI = 53150 - 50000therefore, SI = 3150rate = (SI × 100)/principal × timerate = (3150 × 100)/(50000 × 7/12)
time= 7/12 years (7 months)principal = 50000amount = 53150SI = 53150 - 50000therefore, SI = 3150rate = (SI × 100)/principal × timerate = (3150 × 100)/(50000 × 7/12)rate = (3150 × 100 × 12)/(50000 × 7)
time= 7/12 years (7 months)principal = 50000amount = 53150SI = 53150 - 50000therefore, SI = 3150rate = (SI × 100)/principal × timerate = (3150 × 100)/(50000 × 7/12)rate = (3150 × 100 × 12)/(50000 × 7)rate = 108/10
time= 7/12 years (7 months)principal = 50000amount = 53150SI = 53150 - 50000therefore, SI = 3150rate = (SI × 100)/principal × timerate = (3150 × 100)/(50000 × 7/12)rate = (3150 × 100 × 12)/(50000 × 7)rate = 108/10rate = 10.8%