Question

7,000$ is borrowed at 3.5% rate of interest p.a borrowed for 2 years. Find the amount to be paid at the end of the second year​

Answer 1

Answer:

$7,490

Step-by-step explanation:

Given,

Principle = 7,000$

Rate = 3.5%

Time = 2 years

To find,

Amount to be paid.

Procedure,

First,

We need to find the Simple Interest (S.I.)

$SI= \frac{p \times r \times t}{100}$

$SI= \frac{7000 \times 3.5 \times2 }{100}$

We can convert 3.5 into fraction as 35/10

$SI = \frac{7000 \times35 \times 2 }{100 \times 10}$

$SI = \frac{490000}{1000}$

$SI = 490$

Now,

We need to find the Amount.

$Amount = principle + simple \: interest \:$

$Amount = 7000 + 490$

$Amount \: = 7490$

Therefore, the amount to be paid is $7,490.

Hope it helps you

Answer 2

Answer:

7490

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