Question

Sachin took a loan of 30000 from a bank from for a period of the 8 month at the end of the 8th month return amount of the 31440 calculate the interest paid by Sachin and the rate of the interest

Answer 1

Answer:

Step-by-step explanation:

Interest = paid amount - loan

= 31440 - 30000

= 1440

Answer 2

Answer:

1440

7.2% per annum

Step-by-step explanation:

principle = 30000

interest = 31440-30000

= 1440

interest = p * n * r/100

p = 30000

n = 8 month = 8/12 = 2/3 year

r per annum to be find

interest = 1440

(30000 * (2/3) * r ) /100 = 1440

r = 1440/200

r = 7.2 % per anum