Rahul borrowed rupees 50000 from a bank on 1st March 2014 and paid ₹53, 150 on 6th October 2014 find the rate of interest charged by the bank
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Answer:
No of days = 219
Interest charged for 219 days = 3150
Rate of interest for 219 days=3150/50000 =6.3%
Hence yearly interest rate charged:
=6.3 x 365/219
=10.5%
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