Question

Rahul borrowed rupees 50000 from a bank on 1 March 2014 and paid Rupees 53150n 6 October 2014 find the rate of interest charges by the bank​

Answer 1

Answer:

Have fun ...........

Step-by-step explanation:

A = P+I

and I = p*n*r/100

P = Rs. 50,000 and A = Rs. 53,150.

I = 53,150 - 50,000 = 3,150

n = 6 Oct, 2014 - 1 Mar, 2014 = 8 months 6 days = 8 6/31 months = 254/31 months = 254 / (31*12) years.

therefore, 3150 = 50,000 * 254 * r / (100*31*12)

Or r = 3150 * 100 * 31 * 12 / (50,000 * 254) = 9.22%

Therefore, the interest rate charged by the bank is 9.22%.