₹7000 is borrowed from 3.5% rate of interest per annum for 2 years. Find the simple interest and ammount to be paid at the end of Second year.
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Answer:
interest=
p∗r∗t/100
p = principal amount , r = rate , t = time
interest=
7000∗3.5∗2/100
interest = RS. 490
total amount = interest+ principal amount
= 7000+490= Rs 7490
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