Question

Amit borrowed a sum of 5 lakh rupees from a bank at 8% simple interest. How much has he to pay after 5 years. If he is to clear hos debt completely

Answer 1

let borrowed sum p = ₹ 5 lakh = ₹500000

rate = 8% p.a , time = 5 yrs



Find the interest:
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simple interest = ( p × r × t )/100




S.I = ( 500000 × 8 × 5 ) / 100




S.I = 5000 × 8 × 5 = ₹ 2,00000



Find the amount :
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amount = borrowed sum + simple interest





amount = ₹5,00000 + ₹2,00000




amount = ₹7,00000




therefore, the amount he has to pay after 5 years = ₹ 7,00000








Answer : amount = ₹7,00000




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