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.
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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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