samir borrows rs.60000 from rahim.He clears his debt by returning rs.64000 to rahim at the end of 12 months.find the rate of intrest charged by rahim. explain with a solution
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Answer:
P =Rs 60000
Amt =Rs 64000
SI =Rs 4000
T= 1 year
SI=PRT/100
RS 4000 =60000×R×1/100
4000×100/60000 =40/6%
R =6⁴/⁶%
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