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Q.

A farmer takes ₹10000 loans from a bank and pays back 28000 to the bank after 10 years.

How much interest did the farmer have to pay to the bank ?

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a

b

c

d

answer is A.

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Detailed Solution

Concept: Simple interest is a quick and simple formula for figuring out how much interest will be charged on a loan. The daily interest rate, the principle, and the number of days between payments are multiplied to calculate simple interest. Must know the concept of simple interest i.e.
Simple Interest =

calculate simple interest, using Simple interest formula = Amount - Principal

= 18000
Put the values of simple interest calculated, given time, and given principle into the above-mentioned formula

=

Hence, the correct answer is option (1).

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