Question

Rajesh borrowed 5,000 from a bank. He will have to pay 10,000 after 5 years
Find the rate of interest, if the interest is payable half yearly.​(take 10 under root 2=1.072)

Answer 1

Answer:

10%

Step-by-step explanation:

total amount to pay after 5 years is 10000

borrowed amount is 5000

the excess amount is 10000-5000=5000

so, the intrest for 5years is 5000

rajesh paid intrest half yearly

5×2=10 times of payments

then 5000÷10=500

this is paid at the intrest is 5000÷500=10

therefore the intrest rate is 10%