Rishi borrowed 8,600 at the rate of 7.3% per annum for 26 weeks. How much interest will he have to pay? (Hint: 1 year = 52 weeks)
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Answer:
The answer is 202.10
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Given : Rishi borrowed 8,600 at the rate of 7.3% per annum for 26 weeks.
(Hint: 1 year = 52 weeks)
To Find: How much interest will he have to pay?
Solution:
P = 8600
R = 7.3 % per annum
T = 26 weeks = 26/52 years = 1/2 Years
SI = P * R * T /100
= 8600 * 7.3 * (1/2) /100
= 43 * 7.3
= 313.9
Interest need to be Paid = Rs 313.9
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