Question

1. A man paid 8640 for a loan of 38000
taken for 320 days. Find the rate of simple
interest charged by the bank.​

Answer 1

Answer:

Answer. Time is given as = 320 days = 320/365 years = 64/73 years . By using formula, R = SI * 100 / T * P = 640*100*73/64*8000 = 9.12% Per Annum.