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Rahul borrowed Rs 50,000 from a bank on 1st March 2002 and paid Rs 53,150 on 6th October 2002. Find the rate of interest charged by the bank



Interest charged for 219days = 3150
Rate of interest for 219days=3150/50000=6.3%

Hence yearly interest rate charged=6.3*365/219=10.5%
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