What percentage of simple interest per annum did Anand pay to Deepak? I. Anand borrowed Rs. 8000 from Deepak for four years. II. Anand returned Rs. 8800 to Deepak at the end of two years and settled the loan
Correct Answer: Both I and II are necessary to answer
Explanation:
Let the rate be R% p.a.
I gives, P = Rs. 8000 and T = 4 years.
II gives, S.I = Rs. (8800 - 8000) = Rs. 800.
R = [100 x S.I] / [p x t ]= (100 x 800)/(8000 x 4) = 2 ½ % p.a
