In what time will Rs. 8000 amount to Rs. 8800 at 5% per annum simple interest? *
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➤ Given :-
Principle :- ₹ 8000
Total Amount :- ₹ 8800
Rate of interest :- 5%
➤ To Find :-
Time given for the given sum.............
➤ Formula required :-
➤ Solution :-
First, we should find the simple interest by subtracting the amount and principle of the given sum............
Simple Interest :-
Now,
Time :-
The time taken in the following sum is 1 ½ years.
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Some related formulas :-
Simple Interest :-
Principle :-
Rate of interest :-
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More to know.................
- Simple Interest is the extra amount to be given when a person borrows some money from a bank or any person. The person who gives money is called lender. The person who takes money is called borrower.
- Principle is the amount given at first from lender to borrower.
- Rate of interest is the extra amount to be given from borrower to lender, it is always written in the percentage format.
- Time is given for the borrower to return back the given money with the given interest.
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