Question

A man paid rupees 8,640 for a loan of rupees 8,000 taken for 320 days . Find the rate of simple interest charged by the bank

Answer 1

Answer:

Amount= 8640

principal=8000

s.i.=640

time=320/365

=64/73

$r = \frac{100 \times s.i.}{p \times t}$

$r = \frac{100 \times 640 \times 73}{8000 \times 64}$

r=9.125%