Question

Sahil borrowed an amount of 700 rupees. He paid back 800 rupees (the borrowed amount 700 rupees along with an additional amount of 100 rupees) after 2 days. Calculate the interest paid by Sahil.​

Answer 1

Answer:

800-700=100(total interest paid by Sahil in two days)

interest of one day=50rs

interest rate =50/700×100=7.14...

answer is 7.14

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Answer 2

700 rupees is the amount that Sahil borrowed and an additional 100 rupees for using the money for 2 years.

Here, the money borrowed 700 rupees is known as the principal.

The extra money given by Sahil ( 800 - 700 = 100 rupees ) is called the simple interest or interest.

The total money 800 rupees given by Sahil, at the end of 2 years, is called the amount.

Amount = Principal + Interest

800 = 700 + 100