a sum of ₹876 was lent at 4% p.a. simple interest to be paid after 8 months?
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Answer:
Principal (P) = ₹876
Rate (R) = 4% p.a.
Time (T) = 8 months = 8/12 years
Simple Interest (SI) = PRT/100
=> SI = 876 × 4 × 8/12 × 1/100
=> SI = ₹23.36
Amount = P+SI = ₹876 + ₹23.36 = ₹899.36
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