Aarthi borrows ₹8000 from a bank for 3 yrs. The bank charges ₹400 annually. Here, what is the rate of interest per annum?
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ATQ:-
Principal: ₹8000
Time period : 3 yrs
Rats of interest: ₹400 annually
#Simple interest : P X R X T /100
₹8000 X ₹400 X 3/100
=₹96,00,000
#Compound Interest :P X (1 + R/100)^T
₹8000 X (1+₹400/100)^3
=₹8000 X 125
=₹10,00,000
Principal: ₹8000
Time period : 3 yrs
Rats of interest: ₹400 annually
#Simple interest : P X R X T /100
₹8000 X ₹400 X 3/100
=₹96,00,000
#Compound Interest :P X (1 + R/100)^T
₹8000 X (1+₹400/100)^3
=₹8000 X 125
=₹10,00,000
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