I. A man paid 8,640-for a loan of8,000taken for 320 days. Find the rat

1.	I. A man paid 8,640-for a loan of8,000taken for 320 days. Find the rate of simpleinterest charged by the bank.
Answer» Given are , Principal = ₹ 8000 Money paid by man(Amount) = ₹8640 So, Simple Interest = Amount - Principal = 8640-8000=₹640 Time is given as = 320 days = 320/365 years = 64/73 years . By using formula, R = SI * 100 / T * P = 64010073/64*8000 = 9.12% Per Annum. Answer : Hence, rate of interest = 9.12% p.a

I. A man paid 8,640-for a loan of8,000taken for 320 days. Find the rate of simpleinterest charged by the bank.

Answer»

Given are , Principal = ₹ 8000

Money paid by man(Amount) = ₹8640

So, Simple Interest = Amount - Principal = 8640-8000=₹640

Time is given as = 320 days = 320/365 years = 64/73 years .

By using formula, R = SI * 100 / T * P = 640*100*73/64*8000 = 9.12% Per Annum.

Answer : Hence, rate of interest = 9.12% p.a