Question

ashok borrowed rs 20000 from state bank of India for buying a tractor at the rate of interest 10%per annum for 3 years find the interest and amount that he will have to pay to clear his loan​

Answer 1

Solution!!

The concept of simple interest has been used here. The principal, time and rate of interest is given in the question. We have to find the interest and the amount.

Principal (P) = Rs 20,000

Time (T) = 3 years

Rate of interest (R) = 10%

Interest = (P × R × T)/100

Interest = (20,000 × 10 × 3)/100

Interest = 200 × 10 × 3

Interest = Rs 6,000

Now that we know the interest, we can easily find out the amount by applying a formula.

Amount = Principal + Interest

Amount = Rs 20,000 + Rs 6,000

Amount = 26,000

Answer 2

Answer

26000

Step-by-step explanation:

SI= P*R*T/100

therefore SI= 20000*10*3/100= 6000

Amount= P+I= 20000+6000= 26000

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