Question

Alok paid Rs 6720 to clear a debt of Rs 6000 to the bank after 1 year 6 months. What is the rate of interest charged by the bank?

Answer 1

Given, Internal $=6720-6000=720$

Time = 1 year 6 month $=1\frac{1}{2}year$

Principal $=Rs.6000$

$\therefore Rate=\frac{Interest\times 100}{time\times principal}$

$Rate=\frac{720\times 100}{\frac{3}{2}\times 6000}=8\%$