Answer:
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Step-by-step explanation:
Given,
Principal ( P ) = N 250
Time ( T ) = 4 years
Amount ( A ) =N 330
Rate ( R ) = ?
<u>First, finding t</u><u>h</u><u>e</u><u> </u><u>Interest </u> :
According to definition of Amount ,
Amount = Principal + Interest
plug the values
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Move i to left hand side and change it's sign
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Calculate
⇒
Change the signs of the both equation
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Interest = 80
<u>Finding </u><u>the </u><u>rate </u> :
Simple Interest =
plug the values
⇒
Multiply the numbers
⇒
Apply cross product property
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Multiply the numbers
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Divide both sides of the equation by 1000
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Calculate
⇒
Thus, Rate = 8 %
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<u>Let's learn</u><u> </u><u>about </u><u>Principal</u><u> </u><u>,</u><u> </u><u>Interest </u><u>,</u><u> </u><u>Time </u><u>,</u><u> </u><u>Rate </u><u>and </u><u>Amount </u> :
- Principal = The money which is borrowed or deposited is called principal.
- Interest = The additional amount of money which is paid by borrower to the lender is called interest.
- Time = The duration of time for which principal us deposited or borrowed is termed as time period.
- Rate = The condition under which the insterest is charged is called rate.
- Amount = The sum of principal and Interest is called an amount.
Hope I helped!
Best regards!!