Question

what will be the annual rate of interest of 1000 if the interest per month is Rs 15​

Answer 1

calculate with this formula if you can

A = P(1 + r/n)nt

A = Accrued Amount (principal + interest)

P = Principal Amount.

I = Interest Amount.

R = Annual Nominal Interest Rate in percent.

r = Annual Nominal Interest Rate as a decimal.

r = R/100.

t = Time Involved in years, 0.5 years is calculated as 6 months, etc.