Question

You must have heard about the various loans offered by banks and other financial institutions for our different needs like education, buying a house, vehicles etc .The money you borrow is the principal and the additional money paid by the borrower is called simple interest, if the interest is calculated on the original principal throughout the loan period. The total money paid back is the amount. Mohan takes a loan of ₹ 20000 at 8% per year as rate of interest .

1) The simple interest he has to pay at the end of 2 years is

₹ 1600
₹ 2000
₹ 3000
₹ 3200​

Answer 1

Answer:

20,000 x 8 x 8

----------------------------

100

Step-by-step explanation:

=1280