Question

a man takes a loan of rupees 8000 at the interest rate of 8% per annum how much does he pay at the end of 3 years to settle his debt​

Answer 1

Answer:

Amount paid by the man at the end of 3 years to settle his debt is Rs 9920

Step-by-step explanation:

Given the below details:

Principal = Rs 8000

Interest Rate = 8% per annum

Time = 3 years

Simple Interest formula is given as

S.I = (Principal × Interest Rate × Time)/100

Substituting the values, we get

S.I = (8000 × 8 × 3)/100

S.I = Rs 1920

Amount to be paid at end of 3 years is calculated as

Amount = Principal + S.I

Amount = Rs 8000 + Rs 1920

Amount = Rs 9920