Question

An agricultural Co-operative society gives agricultural loan to its members at the rate of simple interest of 4% per annum. But interest is to be given at the rate of simple interest of 7.4% per annum for a loan taken from the bank. If a farmer being a member of the Co-operative Society takes a loan of ₹ 5000 from it instead of taking loan from the bank, then let us write, by calculating, the money to be saved as interest per annum.

December 27, 2023

Simple Interest

Answer

Principal = ₹ 5,000

Time = 1 yr

Rate (1st case )= 4 %

Rate (2nd case )= 7.4 %

Simple interest in the 1st case = $\frac{\text { Prt }}{100}$

= ₹ $\frac{\text { 5000×4×1 }}{100}$

= ₹ 200

Simple interest in the 1st case = $\frac{\text { Prt }}{100}$

= ₹ $\frac{\text { 5000×7.4×1 }}{100}$

= ₹ 370

Interest saved = ₹ 370 – ₹ 200 = ₹ 170

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