suresh took a loan of 2000 on April 2017 and he paid amount of Rs2100 on October 2017. find the rate of interest?
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Step-by-step explanation:
principal = 2000
amount = 2100
interest = amount - principal
= 2100 - 2000
= 100rs
time = 6 months
= 6/ 12 year
= 1/2 year
according to question,
rate = [ ( 100 * interest ) / ( principal * time ) ] %
= [ ( 100 * 100 ) / ( 2000* 1/2 ) ] %
= [ 10000 / 1000 ] %
10 %
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