Question

Rakesh borrow 3500from a bank at si.After three years he paid 1500 to the bank and the end of 5 years from the bank of the borrowing he paid 2725 to the bank to the settle the account.Find the rate of interest.​

Answer 1

principal amount = 3500

simple interest = 1500+ 2725

                         = 4225 Rs

total time = 5 years

we know that,

I = PxRxT/100

4225 = 3500 x R x 5\100

R = 24.14 % per annum

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