Bank B offers loans of 5 lakh to 8 lakh at rate of 15% per annum at simple interest for initial three years What will be the Simple interest ?
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Answer:
36000
Step-by-step explanation:
As we know that
=> SI = p×r×t/100
=> here p = 800000
rate = 15 %
time = 3 years
=> si = 800000×15×3/100
=> 8000×45
=> 36000 is the si
if principal is 5 lakh
=> 500000×45/100 => 5000×45
=> 22500 RS
so Si comes b/w 36000 and 22500
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