Question

Sampatrao took a loan of Rs. 28000 to pay medical bill. He returned the loan by paying Rs. 28500 after two year. What was the rate of Interst?

Answer 1

P = 28000 rs A=28500 rs

I= A-P

28500-28000=500

we know that

$\frac{prt}{100} = i \\ \frac{2800 \times r \times 2}{100} = 500 \\ 56r = 500 \\ r = \frac{500}{56} \\ r = \frac{125}{14} \\ r = 8.92\% \: aprox$