MATH SOLVE

3 months ago

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

Accepted Solution

A:

Answer:Rate of simple interest charge by bank is 9.125Step-by-step explanation:Given as :The principal = Rs 8000The amount paid = Rs 8640 The time period = 320 daysLet the rate of simple interest = R So from simple interest method Simple Interest = [tex]\frac{Principal\times rate\times Time}{100}[/tex]∵, Interest = Amount - principalOr, Interest = Rs 8640 - Rs 8000 = Rs 640 ∴ Rs 640 = [tex]\frac{8000\times rate\times \frac{320}{365}}{100}[/tex]Or, 64000 × 365 = 8000 × 320 × rateOr 23360000 = 2560000 × rateSo, rate = [tex]\frac{23360000}{2560000}[/tex]∴ Rate = 9.125 I.e rate of simple interest charge by bank is 9.125 Answer