Question

find the interest on Rs. 500 for a period 4 years at the rate of 8./. per annum.Also,find the amount to be paid at the end for the period?
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Answer 1

Is the interest compounded annually and is it simple or compound interest??

Answer 2

Answer:

Simple Interest = Rs. 160

Amount = Rs. 660

Step-by-step explanation:

Simple Interest = (Principal × Time (in years) × Rate)/100

Simple Interest = (500 × 4 × 8)/100 = Rs. 160

Amount = Simple Interest + Principal = 160 + 500 = Rs. 660