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11. Shikhar paid 31,062.50 to clear his debt after 2.5 years for a loan of 25,000. What was rate of interest |
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Answer» -STEP explanation:As you know Simple INTEREST=[P(PRINCIPLE)×T(Time)×R(RATE)]/100so Total Amount - SI=Principleso 31,062.5-SI=25,000=31,062.5-25,000=SI=6,062.5=Simple Interest=6,062.5=[25,000(P)×2.5(T)×R]/100250×2.5×R=6,062.5=625×R=6,062.5R=6,062.5/625=9.7So, the rate of interest = 9.7 |
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