Vinay borrowed a sum of 9000rs from a bank on 1 January 1990 and cleared off his debt on 1st January 2003 by depositing 10170rs what rate did he borrow it?
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Vinay borrowed rs 9000 at 1 % Rate of interest per annum on 1 January 1990 and cleared off his debt on 1st January 2003 by depositing 10170rs
Step-by-step explanation:
Vinay borrowed a sum of 9000rs
=> P = 9000
1 January 1990 to 1st January 2003
= 13 Years
Rate of interest = R
Interest = 10170 - 9000 = 1170 Rs
Simple interest = P * R * T /100
=> 1170 = 9000 * R * 13 /100
=> R = 117/117
=> R = 1 %
Vinay borrowed rs 9000 at 1 % Rate of interest per annum
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