Rahul borrowed rupees 50000 from a Bank on on 1 March 2014 and paid rupees 53159 on 6 October 2014. find the the rate of interest charged by the Bank.
Answers
Answered by
0
Answer:
borrowed amt= 50,000
paid = 53,159 which is 3,159 more or 6.318% more
1 Mar - 6 Oct same year is 7 months.
so, if 3,159 is paid on the 7th month, per month the charge is 3159 ÷ 7 = 451.2857 or 0.9025%
so 0.9025 × 12 = 10.83%
answer is
10.83% p.a.
(please mark me the brainliest! I would really appreciate it!!!)
Answered by
0
Answer:
53159 -50000 =3159= interest
Time = 7 month 6 days = 220 days =220/365 yr.
r = (100 x I )/PT
= ( 100 x 3159 x 365)/(50000 x220) =10.48 or 10.5%
Step-by-step explanation:
Similar questions