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Rahul borrowed Rs50,000 from a Bank on 1March 2014 and paid Rs 53,150 on 6 October 2014. Find the rate of interest charged by the bank ?
Most Upvoted Answer
Rahul borrowed Rs50,000 from a Bank on 1March 2014 and paid Rs 53,150 ...
**Solution:**
To find the rate of interest charged by the bank, we need to use the formula for calculating simple interest:
**Simple Interest = (Principal * Rate * Time) / 100**
Here, the principal amount is Rs 50,000, the amount paid back is Rs 53,150, and the time period is 7 months and 5 days.
We need to convert the time period into months to match the rate of interest, which is usually calculated on an annual basis. So, we can consider the time period as 7 months.
Now, let's calculate the rate of interest using the formula:
**Simple Interest = (Principal * Rate * Time) / 100**
**Rate = (Simple Interest * 100) / (Principal * Time)**
**Rate = ((53150 - 50000) * 100) / (50000 * 7)**
**Rate = (3150 * 100) / 350000**
**Rate = 900 / 100**
**Rate = 9%**
Therefore, the rate of interest charged by the bank is 9%.
To find the rate of interest charged by the bank, we need to use the formula for calculating simple interest:
**Simple Interest = (Principal * Rate * Time) / 100**
Here, the principal amount is Rs 50,000, the amount paid back is Rs 53,150, and the time period is 7 months and 5 days.
We need to convert the time period into months to match the rate of interest, which is usually calculated on an annual basis. So, we can consider the time period as 7 months.
Now, let's calculate the rate of interest using the formula:
**Simple Interest = (Principal * Rate * Time) / 100**
**Rate = (Simple Interest * 100) / (Principal * Time)**
**Rate = ((53150 - 50000) * 100) / (50000 * 7)**
**Rate = (3150 * 100) / 350000**
**Rate = 900 / 100**
**Rate = 9%**
Therefore, the rate of interest charged by the bank is 9%.
Community Answer
Rahul borrowed Rs50,000 from a Bank on 1March 2014 and paid Rs 53,150 ...
Principle =50000
Time = 7 months
SI = 3,150
rate = SI × 100/P×T
=3,150×100/50000×7
= 3150/3500
the zeros will be canceled so,3150/3500 will become 315/350
Therefore, rate= 0.9 percent
Time = 7 months
SI = 3,150
rate = SI × 100/P×T
=3,150×100/50000×7
= 3150/3500
the zeros will be canceled so,3150/3500 will become 315/350
Therefore, rate= 0.9 percent
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Rahul borrowed Rs50,000 from a Bank on 1March 2014 and paid Rs 53,150 on 6 October 2014. Find the rate of interest charged by the bank ?
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Rahul borrowed Rs50,000 from a Bank on 1March 2014 and paid Rs 53,150 on 6 October 2014. Find the rate of interest charged by the bank ? for Class 7 2024 is part of Class 7 preparation. The Question and answers have been prepared according to the Class 7 exam syllabus. Information about Rahul borrowed Rs50,000 from a Bank on 1March 2014 and paid Rs 53,150 on 6 October 2014. Find the rate of interest charged by the bank ? covers all topics & solutions for Class 7 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Rahul borrowed Rs50,000 from a Bank on 1March 2014 and paid Rs 53,150 on 6 October 2014. Find the rate of interest charged by the bank ?.
Rahul borrowed Rs50,000 from a Bank on 1March 2014 and paid Rs 53,150 on 6 October 2014. Find the rate of interest charged by the bank ? for Class 7 2024 is part of Class 7 preparation. The Question and answers have been prepared according to the Class 7 exam syllabus. Information about Rahul borrowed Rs50,000 from a Bank on 1March 2014 and paid Rs 53,150 on 6 October 2014. Find the rate of interest charged by the bank ? covers all topics & solutions for Class 7 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Rahul borrowed Rs50,000 from a Bank on 1March 2014 and paid Rs 53,150 on 6 October 2014. Find the rate of interest charged by the bank ?.
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