farmer takes loan of Rs.8400 at the simple interest rate of 7.5% per annum . After what time will he have to pay Rs.10 920 to clear the debt ?
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Answer:
The answer is after 4 years.
Calculation:-
The difference between both the amount will be interest.
so, 10920–8400 = 2520 (interest)
Formula for the simple interest is:-
Simple Interest = Principal * Rate * Time
PUT THE VALUE IN THE FORMULA.
2520= 8400 * 7.5/100 * Time
2520*100=63000 * Time
Time = 4 Years.
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