Q45 of 90 Page 133

Find the interest and amount on - Rs.4000 in 4/3 years at 2 paise per rupee per month?

Given that,


Principal value = 4000


Interest rate = 2 paisa per rupee


Then how much charge on Rs. 100 = 0.02 × 100


i.e. 2% per month


Annual percentage interest = 2 × 12 = 24%


So,


Simple interest = Rs. 1280


So total amount after 4/3th year


= 4000 + 1280


= Rs. 5280


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