Question

The interest on a sum of money at the end of 6 1/4 years is 5/16 of the sum itself . What rate percent was charged

Answer 1

Answer:

5 % p.a.

Step-by-step explanation:

let's assume interest rate be Y

let's assume the sum be 16 so 5/16 = 5₹

5= [16*[(6*4)+1]*Y] / 100*4

5= (16*25*Y)/100*4

5= 100Y/100

5= Y

Therefore, interest rate is 5% p.a.