Question

Find the interest and amount on:-
Rs.4000 in 4/3 years at 2 paise per rupee per month.

Answer 1

principal amount (P) = 4000 rupees
Time (t) = 4/3 year 
Rate = 2 paise per rupee(100 paise) per month = 2% monthely = 2×12 = 24 % annual
S.I = P×R×t ÷100
⇒ $S.I = \frac{4000*24*4}{100*3} = 16 *80 = 1280$ rupees

Interest = 1280 rupees
so,  toal Amount after 4/3 years = 4000+1280   =5280 rupees

Answer 2

Simple Interest = P r t = Rs 4,000 * (2/100) * (12 * 4/3) =  Rs 1,280  
Total after 16 months = Rs 4000 + 1280 = Rs 5,280 

Compound Interest method

Total amount after 16 months :  Rs 4, 000 (1 + 2/100)^16 = Rs 5,491.14
compound Interest = Rs 1,491.14