Question

A man paid ₹8640 for a loan of ₹8000 taken for 320 days. Find the rate of simple interest charged by the bank​

Answer 1

Answer:

9 percent

Step-by-step explanation:

A = 8640

P = 8000

SI = A - P

= 8640 - 8000

= 640

N = 320/30= 32/3*1/12 = 8/9 years

SI = PNR/100

640 = 8000 *8 * R/ 9*100

R = 9%