Question

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

Answer 1

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%