Question

Sam takes a loan of ₹ 8,000 to buy a used truck at the rate of 9 % Simple Interest. Calculate the interest he pays at the end of the year.

- ₹330
- ₹550
- ₹1000
- ₹720

Solution

The correct option is **D** ₹720

The amount borrowed = ₹ 8000

And, the rate of interest = 9%

Let the interest to be paid annually be x

x8000=9100

x=9×80

x=₹720

The amount borrowed = ₹ 8000

And, the rate of interest = 9%

Let the interest to be paid annually be x

x8000=9100

x=9×80

x=₹720

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