Question

29. Akshita's dad needed a loan of Rs 20,000 to buy a new car. Mr. Das, the Bank Manoger
agreed to give him the loan at 3% per annum. If the loan was to be paid back after 5 years,
what total amount must he return to the bank?
2
23​

Answer 1

Answer:

Akshita's dad needed 20,000 with 3% loan

means he pay 20,000 ₹ + 3 % ₹ in 1 year

so we find 3% of 20,000.

100% = 20,000₹

so 3% =? ₹

= 3% X 20,000 ₹ / 100%

= 3 X 200 ₹

= 600 ₹

means 3% = 600₹

so he pay 20,000 ₹ + 600₹ = 20,600₹ in 1 year.

we find 5 years payout = 5 X one year payble ₹

= 5 X 20,600 ₹

= 1,30,000 ₹