Question

A man paid ₹8640 for loan of 8000taken for 320 days find the rate of simple intrest charged by the bank

Answer 1

Answer:

Rate of interest = 9.12% p.a

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

Rate of interest = 9.12% p.a

principle amount 8000

money paid by man 8640

so simple interest 8640- 8000= 640

time has given 320 days = 320÷ 365=64/73 years

by using formula R=SI*100/T*P

640*100*73/64*8000= 9.12%/p.a

so hence rate if interest= 9.12p.a