Question

Ayesha’s father took a loan of ₹ 3500 from a bank at the rate of 7% per annum for a period
of 4 years. Find the amount to be repaid by him at the end of the period.

Answer 1

Answer:

P=Rs 3500

R=7%

N= 4 years

Amount =?

SI = PRN/100

= 3500 × 7× 4/100

= Rs 980

Amount = P + I

= 3500 +980

= Rs. 4480

Answer: Rs 4480 is to be repaid at the end of the year.

(note : The sum has been solved as simple interest. If its compound interest answer will be different)

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