Question

A man borrowed 8000 from a bank at 8% per annum the amount he has to pay after 4.5 year is

Answer 1

10880 se have to pay

Answer 2

[ NOTE : This method is applicable when the loan is taken on simple interest]                      

                             we have,

                 interest = P*R*T/100

                                    =  8000*8*4.5/100

                                     = 8*8*45=  2880

then amount to pay back = 8000+2880 = 10,880