Rahul borrowed rupees 50000 from a bank on 1st March 2014 and paid rupees 53150 on 6th March 2014. find the rate of interest charged by the bank.
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Principal=₹50000
Rate of interest=?
Time=5days
Amount=₹53150
Amount=Principal+Simple interest
53150=50000+Simple interest
simple interest=53150-50000
=₹3150
S.I. =PRT/100
3150=50000×R×5/100
R=3150×100/50000×5
=1.26
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Rate of interest=?
Time=5days
Amount=₹53150
Amount=Principal+Simple interest
53150=50000+Simple interest
simple interest=53150-50000
=₹3150
S.I. =PRT/100
3150=50000×R×5/100
R=3150×100/50000×5
=1.26
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