Question

A shopkeeper borrowed from $ 4500 at 12% interest. What amount does he have to pay after 3 years?

Answer 1

Answer:

simple interest =

$p \times r \times t \div 100 \\ = 4500 \times 12 \times 3 \div 100 \\ = 1620ans$

1620 is the simple interest to be paid by him after 3 years

amount = 4500+1620

=6020

Answer 2

Given data : A shopkeeper borrowed from $ 4500 at 12% interest.

To find : What amount does he have to pay after 3 years ?

Solution : According to question,

→ Principal Amount, P = $ 4500

→ Rate of Interest, r = 12 %

→ Time (in Years), t = 3 years

Now, we use formula,

• A = P { 1 + r/100 }^( t )

Where,

• P = Principal Amount
• A = Total Accumulated Amount
• r = Rate of Interest
• t = Time (in Years)

→ A = P { 1 + r/100 }^( t )

→ A = 4500 * { 1 + 12/100 }³

→ A = 4500 * { (100 + 12)/100 }³

→ A = 4500 * { 112/100 }³

→ A = 4500 * { 1.12 }³

→ A = 4500 * 1.404928

→ A = $ 6322.176

Answer : Hence, the amount paid by shopkeeper is $ 6322.176

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