Hasan chacha borrowed rupees 37725 at 8 p.c.p.a. for a year. how much interest will he pay to the bank at the end of year?
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Answer:
Interest paid to the bank is Rs.3018
Step-by-step explanation:
Given:
Principal (P)=Rs.37725
Rate of interest (r)=8%
Time (t)=1 year
Simple interest=(P×r×t)/100
=(37725×8×1)/100
=301800/100
=3018
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