Question

How much interest do you pay on rs 4000 loan over 3 months at 8% annual simple interest?

Answer 1

use the formulla = p×r×t÷100

Answer 2

principal=$4000
time=3 months=3/12=1/4
rate=8%per annum

SI=PTR/100
=4000*1/4*8/100
=8000/100
=$80