A 2-year loan of $500 is made with 4% simple interest. Find the interest earned
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Step-by-step explanation:
1000 is the Principal (P), 10% is the percentage increase or interest rate (R), 2 is the time period (T). Therefore, the general formula for simple interest (S.I.) is SI = P × R × T/100. Now, the total money that Diya will get after 2 years will be Rs. 1000 + Rs.
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