Rajeev borrowed ₹25,000 at the rate of 8% simple interest per annum. He returned the money after 6 years and 3 months. Calculate the interest paid by Rajeev to clear his loan
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Step-by-step explanation:
Principal =25,000
Rate =8% per annum
Time =6 years 3 months
=6.25 years
Simple interest =P×R×T/100
=25,000×8×6.25/100
=12,50,000/100
12,500
hence interest paid by rajeev is 12,500
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