Question

a man borrows $ 100 for 4 years at a rate of 6% per annum find what iswhat is the simple interest has to pay and how much amount he will have to pay at the end of 4 years ​

Answer 1

Answer:

Amount to be paid after 4 years = $124

Step-by-step explanation:

Principle = $100

Rate = 6% p.a.

Time = 4 years

Simple Interest =

$\frac{p \times r \times t}{100}$

$\frac{100 \times 6 \times 4}{100}$

= $24

Amount = Principle + Simple Interest

Amount = $100 + $24 = $124

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Answer 2

Equation #1:
I = Pr t
where :
I = the amount of interest paid for borrowing the money
P= the principal or the amount of money you borrowed from the bank
r = is the simple interest rate – this is a per annum rate (i.e. yearly)
t = the amount of time the money is borrowed
I = Prt = (100)*(.04)*(4/12) = $1.33
Amount = $100+1.33= $101.33