Question

A farmer borrowed a sum of Rs 8000 from an Agricultural Development Bank at the rate of 12.5%.
How much amount should he pay to clear the debt after 6 years?


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Answer 1

Step-by-step explanation:

Simple Interest= PRT/100

P=Rs 8000

R= 12.5%

T= 6

8000×12.5×6/100

₹6000

Amount= P+S.I.

8000+6000

₹14000

Answer 2

Answer :-

Given -

• Sum = Rs. 8000
• Rate of interest = 12.5% p.a.
• Time = 6 years

To Find -

• Amount

Solution -

We know that,

Simple interest = P × R × T / 100

Substituting the value in formula -

⇒ SI = 8000 × 12.5 × 6 / 100

⇒ SI = 80 × 12.5 × 6

⇒ SI = 8 × 125 × 6

⇒ SI = 6000

We also know that,

Amount = Sum + Principal

Substituting the value in formula -

Amount = 6000 + 8000

Amount = 14000

The farmer should pay Rs. 14000 to clear his debt.