Rs 80.
$494.34 Interest= principal amount * time* simple interest %
1282.5
6 years
Simple interest is determined by multiplying the interest rate by the principal of the number of periods. Where, P is the loan and the amount is usually expressed as an annualized percentage.
Simple Interest
Simple interest refers to interest that is only paid on principal. Simple discount refers to the amount that is deducted from the amount of the loan.
13,807.50
13,807.50
Simple interest means the interest is calculated one time on the total principal of the loan. Therefore, you would pay back $11,161.50 on this loan. However, simple interest loans are very uncommon; most loans in life have compound interest.
Calculation of simple interest is faster in comparison to compound interest. In the latter, interest is added up with the principal amount and interest is charged on that added amount in the next period calculation.
I
35