Question

3) Find the interest on Rs 500 for a period of 4 years at the rate of the annum. Also, find the amount to be paid at the end of the period​

Answer 1

VERIFIED ANSWER:-

Given Principal amount P = Rs 500

Time period T = 4 years

Rate of interest R = 8% p.a.

We know that simple interest = (P × T × R)/100

On substituting these values in above equation we get

SI = (500 × 4 × 8)/100 = Rs 160

Amount = Principal amount + Interest = Rs 500 + 160 = Rs 660