Question

3. Ramesh took a loan of 80,000 from a bank at 12%per annum and paid it backafterseven months together with interest. Find the amount he paid to the bank.

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Answer 1

Given -> principal= Rs. 80000 ,rate=12% , time=7months= 7/12 years

Simple interest= P x R x T / 100

                        = Rs. 80000 x 12 x 7 / 100 x 12

                        = Rs. 5600

Amount = P + SI

             = Rs. (80000+5600)

             = Rs. 85600

Therefore, Ramesh paid to bank an amount of Rs. 85600