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ICSE Class 8 Answered

Ayush paid ₹8432 for a loan of ₹8000 taken for 219 days. Find tha rate of simple interest charged by tha bank
Asked by guptaarti827352 | 12 Jan, 2019, 08:10: AM
answered-by-expert Expert Answer
Here,

Simple Interest = 8432 - 8000 = Rs. 432 and P = Rs. 8000  and N = 219 days = 219 ÷ 365 = 0.6 =  6/10 years
 begin mathsize 16px style Simple space Interest space equals space fraction numerator straight P space cross times space straight R space cross times straight N over denominator 100 end fraction rightwards double arrow 432 space space equals space fraction numerator 8000 space cross times space straight R space cross times space 6 over denominator 100 cross times 10 end fraction rightwards double arrow straight R space equals space fraction numerator 432 space cross times space 1000 over denominator 48000 end fraction rightwards double arrow straight R space equals space 9 percent sign end style
 
Therefore rate of interest charged by bank is 9% p. a.
Answered by Yasmeen Khan | 14 Jan, 2019, 12:34: PM

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