₹7000 is borrowed at 3.5%rate of interest p.a. find the amount to be paid in end of 2 year
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Principal = Rs.7000
Rate of interest = 3.5%
Time = 2 years
Simple interest = P x T x R / 100
= 7000 x 3.5 x 2 / 100
=70 x 3.5 x 2 = Rs.490
Amount = principal + simple interest
= Rs.7000 + Rs.490
= Rs.7490
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