Question

7. Pillai borrowed 50,000 from a bank. If the bank charges interest at 10% per year, how much amount shall Pillai pay after 2 years ?

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Answer 1

Answer:

Given ,pillai borrowed 50,000 and interest is 10% per year

Interest amount= 50,000×10÷100

= 5000/per year

interest after 2 year = 2×5000

= 10,000

pillai has to pay after 2 years =50,000+10,000

=60,000

Answer 2

Pillai will pay Rs. 60,000 after 2 years to the bank.

Step-by-step explanation:

To calculate the amount to be paid by Pillai, we use the formula:

$Simple\ Interest = \frac{Principal*Rate*Time}{100}$

Given:

Principal: Rs. 50,000

Rate: 10% per year

Time: 2 years.

Substituting:

$Simple\ Interest = \frac{50,000*10*2}{100}\\\\Simple\ Interest = Rs. 10,000$

$Amount\ to \ be \ paid = Principal\ + Simple\ Interest$

$Amount\ to \ be \ paid = Rs. 50,000\ + Rs. 10,000\\Amount\ to \ be \ paid = Rs. 60,000$

Pillai will pay an amount of Rs. 60,000 to the bank after 2 years of burrowing Rs. 50,000.