Q3. Do as directed :
1. Find the interest on Rs 500 for a period of 4 years at the rate of
-8% per annum. Also find the amount to be paid at the end of the period.
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Solution:
Given Principal amount P = Rs 500
Time period T = 4 years
Rate of interest R = 8% p.a.
We know that simple interest = (P × T × R)/100
On substituting these values in above equation we get
SI = (500 × 4 × 8)/100
= Rs 160
Amount = Principal amount + Interest
= Rs 500 + 160
= Rs 660
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