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Ajay takes some loan from Rashmi at the rate of 5% per annum andd after 2 yr, Ajay gave back ₹ 8800 to Rashmi and this way paid his whole loan. Find the interest by Ajay.

₹ 825
₹ 975
₹ 800
₹ 850

Correct Answer: ₹ 800

Explanation:

Here, A = ₹ 8800, T =2 yr, R = 5%
We know
SI = ART/(100 + RT) = (8800 x 5 x 2) / (100 + 5 x 2)
= (8800 x 10) / 110
= ₹ 800

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