Question

Sumit had taken 50,000 from a bank for 3 years. Sumit had to return to bank 74,000 after
the period of 3 years. Calculate the rate of interest.​

Answer 1

SUMIT HAD TAKEN 50000 FROM BANK AND RETURNED 75000 SO S. I. = 74000–50000

24000= SIMPLE INTEREST

FORMULA OF S. I. = P×R×T/100

SO R= S. I. ×100/P×T

SO, R= 24000×100/50000×3

SO, R= 16/%