Question

A person borrows Rs 35000 from a bank for 3 years at 15% per year. What simple interest will he pay ? How much money will he pay to clear the debt ?

Answer 1

Answer:

Simple Interest, $S.I=15750$.

The money he has to pay to clear the debt is Rs.50750.

Step-by-step explanation:

We can use the formula for Simple Interest,

$S.I=\frac{PRT}{100}$

Given,

$P=35000$

$R=15$

$T=3$

So, the Simple Interest will be

$S.I=\frac{35000\times 15\times 3}{100}$

$S.I=\frac{1575000}{100}$

$S.I=15750$

The person will pay a simple interest of Rs.15750

The total money he has to pay to clear the debt is $=P+S.I$

$=35000+15750$

=Rs.50750

Answer 2

Given,

A person borrows $35000$ from a bank for $3$ years at $15$% per year.

We have to find the simple interest and also find how much money will he pay to clear the debt

Formula,

Simple interest $= \frac{PTR}{100}$

According to the question,

$P= 35000$

$T=3$ years

$R=$$15$%

Substitute the given values in the above formula, we get

Simple interest $= \frac{35000\times 3\times 15}{100}$

$= \frac{1575000}{100}$

$=15750$

Therefore, the simple interest is $15750$.

According to the question,

We have to find how much money will he pay to clear debt

Total amount $=$ Principal $+$ Simple interest

$= 35000+15750$

$= 50750$

Therefore, $50750$ he paid to clear the debt.