Respuesta :
The rate of interest per annum is 90%.
The formula for rate of interest per annum is R=t (A-P) /100.
Where R= rate of interest
T=time
A= amount
P=principal
Given data: principal = 4600
Time= 5
Amount = 6400
Therefore,
R=t (A-P) /100, substituting the above values in the formula
R=5*(6400-4600) /100
R=5*1800/100
R=9000/100
R=90% ,Rate of interest
The amount that the lender charges the borrower over and beyond the principal amount is referred to as the interest rate. Interest rates on loans and deposits may vary depending on the goal and recipient of the funds.
A person who deposits money in a bank or other financial institution also earns additional income in terms of the recipient, known as interest, taking into account the time value of money.
Interest rates on loans and deposits may vary depending on the goal and recipient of the funds
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