Question

A farmer took a loan at ₹ 8000 in cooperative Bank at 2% from 3 years find the interest after 3 years​

Answer 1

Answer:

SI=P*R*T/100

=8000*2*3/100

=80*2*3

=480rs. =interest

total money he had to pay =480+8000

=8480rs

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Answer 2

GIVEN:

Principal (P)= ₹ 8000

Rate (r)= 2%

Time (t)= 3 years

TO FIND:

The interest after 3 years.

SOLUTION:

Principal (P) = is the amount of money initially borrowed.

Rate (r) = is the rate of interest at which the principal money is given over a certain period of time. Rate is given in the form of a percentage(%).

Time (t) = is the time duration after which the amount needs to be returned.

Simple interest is calculated as the product of Principal, Rate, and Time.

Thus, Simple Interest (S.I)= P×r×t

Using the given values from the question, we get:-

S.I= (8000×2×3)÷100

    =  ₹ 480

Hence, the interest after 3 years is ₹ 480