Question

Rahul borrowed rupees 50000 from a bank on 1 March 2014 and paid rupees 53,150 on 6 October 2014. find the rate of interest charged by the bank.​

Answer 1

Step-by-step explanation:

Amt. borrowed = 50000

Amt. paid in return = 53150

hence interest = 53150 - 50000

= Rs. 3150

No. of days = 220

let interest charged be x

3150 = 50000 × 220/365 × x /100

x = 3150 × 365 × 100 / 50000 × 220

x = 10.45%

Answer 2

Step-by-step explanation:

amit borrowed-50,000

amit returned-53,150

hence intrest =53510-50000