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

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Solution

$P r i n c i p a l = 8000 R s .$
Money paid by man (Amount) $= R s . 8640$
Simple Interest $= A m o u n t - P r i n c i p a l = 8640 - 8000 = 640 R s .$
Time given by $= 320 d a y s$

$= \frac{320}{365} y e a r s = \frac{64}{73} y e a r s$

$R = \frac{S I \times 100}{T \times P}$

$= \frac{640 \times 100 \times 73}{64 \times 8000} = 9.12 %$ per annum

Rate of interest $= 9.12 % p . a .$

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

Principal=8000Rs.Money paid by man (Amount) =Rs.8640Simple Interest =Amount−Principal=8640−8000=640 Rs.Time given by =320 days=320365years=6473yearsR=SI×100T×P=640×100×7364×8000=9.12% per annumRate of interest =9.12%p.a.

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