Given: Principal = Rs. 1500 Rate of interest = 8% Time period = 4 years Formula used: I=(P×t×r)/100 I = Interest P = Principal t = Time period r = Rate of interest Calculation: According to the question, I=(1500×4×8)/100 ⇒I=15×4×8 ⇒I=Rs.480 ∴ The interest payable on the deposit is Rs. 480.