Question

A man paid ₹8640 for a loan of ₹ 8000 taken for 320 days. Find the rate of simple intrest charged by bank. Please help me with this question

Answer 1

Greetings..!

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

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Principle = ₹8000

Amount paid = ₹8640

Simple Interest = Amount - Principle

=> 8640 - 8000 = ₹640

Time given = 320 days

$= \frac{320}{365} days$

$= \frac{64}{73} years$

640 × 100 × 73/64 × 8000

= 9.125 p.a