Rahul borrowed rupees 50000 from a bank on 1 March 2014 and paid rupees 53150 on 6 October 2014. Find the rate of interest charged by the bank.
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rate of interest charged by the bank = 10.5 % if 50000 borrowed on 1 Mar 2014 Returned as 53150 on 6 Oct 2014.
Step-by-step explanation:
1 March to 6 October number of Days = 30 + 30 + 31 + 30 +31 + 31 + 30 + 6
= 219 Day
= (219/365)
= 0.6 Years
Rahul borrowed rupees 50000
paid rupees 53150
=> Interest Paid = 53150 - 50000 = Rs 3150
Simple interest = P * R * T /100
=> 3150 = 50000 * R * 0.6 /100
=> R = 10.5 %
rate of interest charged by the bank = 10.5 %
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