Question

10. Rashi borrowed 8900 from the bank at 6% rate of interest p.a. Calculate
the amount she will have to pay if she returns the loan after 6 years.
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Checkpoint​

Answer 1

Given :-

• Principal = Rs,8900
• Rate = 6%
• Time = 6years

To Find :-

• The amount she will have to pay if she returns the loan after 6 years.

Solution :-

➞ Simple Interest = P × R × T ÷ 100

➞ Simple Interest = 8900 × 6 × 6 ÷ 100

➞ Simple Interest = 89 × 6 × 6

➞ Simple Interest = 89 × 12

➞ Simple Interest = Rs,1068

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➞ Amount = Principal + Simple Interest

➞ Amount = 8900 + 1068

➞ Amount = Rs,9968

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Therefore, She will have to pay Rs,9968 after 6 years

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★ Additional Info :

• Principal: The money which we deposit in or the lower from the bank or the money learned called the principal.
• Rate of interest: The interest paid on Rs, 100 for one year is called the rate per cent per year or rate per cent per annum.
• Time: The period of time for which the money is lent or invested.
• Interest: Additional money paid by the borrowed to the lender for using the money is called interest.
• Simple Interest: If the interest is calculated uniformly on the original principal throughout the lone period, it is called simple interest.
• Amount: The total money paid back to the lender is called the amount.

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