Question

rahul borrows rs 50000 from a bank on 1 march 2014 and paid rs 53150 on october 2014.find the rate of interest charged by bank

Answer 1

Step-by-step explanation:

amount of interest paid by rahul :- 53150 - 50000 = 3150

Let the rate of interest be r% for half annum

time = 6 months

∴ SI = 50000×r×6/100

3150 = 500×r×6

r = 3150/3000 ⇒ 1.05%

Answer 2

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%