Question

ankit borrowed a sum of 5 lakhs rupees from a bank at 8% simple interest. how much he has to pay after 5 years?

Answer 1

Solution:

Principal = ₹5,00,000
Rate = 8% per annum
Time = 5 years
S. I. = P × R × T/100 = 500000 × 8 × 5/100 = ₹2,00,000
Amount = (Principal + S. I.) = (₹5,00,000 + ₹2,00,000) = ₹7,00,000
Hence, Ankit has to pay back ₹7,00,000 after 5 years

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Answer 2

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