Question

Isha took a loan of ₹22000 from a bank for 8 years and paid back ₹32560 . What was the interest rate?

Answer 1

Answer:

the rate of interest be 5%

Step-by-step explanation:

The computation of the interest rate is shown below:

As we know that

Amount = Principal × (1 + rate of interest)^time period

₹32,560 = ₹22,000 × (1 + rate of interest)^8

₹32,560 ÷ ₹22,000 = (1 + rate of interest)^8

1.48 = (1 + rate of interest)^8

After solving this, the rate of interest be 5%