Question

A man paid 8640rs for a loan of 8000rs taken for 320 days. Find the rate of simple interest charged by the bank

Answer 1

Answer:

Rate of simple interest charge by bank is 9.125

Step-by-step explanation:

Given as :

The principal  = Rs 8000

The amount paid = Rs 8640

The time period = 320 days

Let the rate of simple interest = R

So from simple interest method

Simple Interest = $\frac{Principal\times rate\times Time}{100}$

∵, Interest = Amount - principal

Or,  Interest = Rs 8640 - Rs 8000 = Rs 640  

∴ Rs 640 = $\frac{8000\times rate\times \frac{320}{365}}{100}$

Or, 64000 × 365 = 8000 × 320 × rate

Or 23360000 = 2560000 × rate

So, rate = $\frac{23360000}{2560000}$

∴  Rate = 9.125

I.e rate of simple interest charge by bank is 9.125  Answer