Jaimin takes ₹10000 at 12% per year as rate of interest,for 2 years. How much interest he has to pay at the end of two years?
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Answer:
principle = 10000
rate = 12%
time = 2years
simple interest = principle *rate* time / 100
simple interest = 10000* 12* 2/ 100
simple interest = Rs 2400
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