Rahul borrowred ₹ 50,000 form a bank on 1 march 2014 and paid ₹ 53,150 on 6 october 2014. Find the rate of interest charged by the bank.
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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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