Find the interest on Rs 500 for a period of 4 years at the rate of 8%

1.	Find the interest on Rs 500 for a period of 4 years at the rate of 8% per annum. Also, find the amount to be paid at the end of the period.
Answer» Given Principal amount P = Rs 500 Time period T = 4 years Rate of interest R = 8% p.a. We know that simple interest = (P × T × R)/100 On substituting these values in above equation we get SI = (500 × 4 × 8)/100 = Rs 160 Amount = Principal amount + Interest = Rs 500 + 160 = Rs 660

Find the interest on Rs 500 for a period of 4 years at the rate of 8% per annum. Also, find the amount to be paid at the end of the period.

Answer»

Given Principal amount P = Rs 500

Time period T = 4 years

Rate of interest R = 8% p.a.

We know that simple interest = (P × T × R)/100

On substituting these values in above equation we get

SI = (500 × 4 × 8)/100

= Rs 160

Amount = Principal amount + Interest

= Rs 500 + 160

= Rs 660