Rani took a loan of 50000 rupees from axis bank after 2 years he repaid 60000 rupees to close the loan?
a) What is the amount of interest?
b) What is the interest for one year?
c)Find the rate of interest?
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Answer:
total amount = Principal amount +Simple interest
SI = total amount-Principal amount
60000-50000=10000
rate of interest = si x 100/ Principal x time
R = 10000x100/ 50000 x 2
R = 10 %
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