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
<u>So from simple interest method </u>
Simple Interest =
∵, Interest = Amount - principal
Or, Interest = Rs 8640 - Rs 8000 = Rs 640
∴ Rs 640 =
Or, 64000 × 365 = 8000 × 320 × rate
Or 23360000 = 2560000 × rate
So, rate =
∴ Rate = 9.125
I.e rate of simple interest charge by bank is 9.125 Answer