Question

Samir borows Rs 60000 from rahim he clears his debt by returning Rs 64000 to rahim at the end of 12 month .find the rate of imtrest charged by rahim

Answer 1

Answer:

➼ P = (A × 100) / (100 + rt)

➼ 60,000 = 64,000 × 100 / 100 + r×1

➼ 3 = 64 × 5 / 100 + r

➼ 3(100 + r) = 320

➼ 300 + 3r = 320

➼ 3r = 20

➼ r = 20/3 % p.a