Question

a man paid ₹ 8640 for a loan ₹ 8000 taken for 320 days . find the rate of simple interest charge d by the bank

Answer 1

Answer:

Step-by-step explanation:

Given are , Principal = ₹ 8000

Money paid by man(Amount) = ₹8640

So, Simple Interest = Amount - Principal = 8640-8000=₹640

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.

Answer : Hence, rate of interest = 9.12% p.a

Answer 2

Answer:

Rate=1/9%

Step-by-step explanation:

amount=rs.8640

principle =rs.8000

time=320days=320/360=8/9years

S.I=Amount- principle

=8640-8000

=640

Rate=S.I ×100/P×T

=640×100/8000×8/9

=1/9%