Adi borrowed Rs. 20,000 at 8% per annum for 2 years. How much interest does he have to pay after 2 years
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Answer:
₹3,200
Step-by-step explanation:
Simple interest = Principle × Rate of interest × Time ÷ 100
Here , Principle = 20,000
Rate of interest = 8%
Time = 2
Simple interest = 20,000 × 8 × 2 / 100
= 20,000 × 8 = 1,60,000
= 1,60,000 × 2 = 3,20,000
= 3,20,000 ÷ 100
= ₹3,200
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