an amount of 2300 was borrowed by aniket at a simple interest of 12% p.a .he returned the amount with interest ,after 3year. calculate the total amount ,including the simple interst he had to repay.
Answers
Step-by-step explanation:
an amount of 2300 was borrowed by aniket at a simple interest of 12% p.a .he returned the amount with interest ,after 3year. calculate the total amount ,including the simple interst he had to repay.
Given:
Amount borrowed= Rs. 2,300
Rate of interest= 12%
Number of years= 3
To find:
The total amount to be repaid
Solution:
We can find the amount by following the steps given below-
We know that the amount of simple interest remains the same every year.
So, the amount of interest for 3 years will be calculated as-
Simple Interest= (Principal×Rate×Number of years)/100
= (2,300×12×3)/100
=23×12×3
= Rs. 828
The amount repayable= Principal amount+ amount of interest
= 2,300+ 828
= Rs. 3,128
Therefore, the total amount to be repaid is Rs.3,128.