3. A person borrows Rs 50,000 from the State Bank of India at 7.5% per annum simple interest for 5 years. Find the amount he has to return to the bank at the end of 5 years.
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Answer:
Rs.68,750
Step-by-step explanation:
Principal (P) = Rs.50,000
Rate (R) = 7.5%
Time (T) = 5 years
Simple Interest (SI) = PRT/100
=> SI = 50,000 × 7.5 × 5/100
=> SI = Rs.18750
Amount = P + SI = Rs.(50000+18750) = Rs.68750
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