Question

Bindra borrowed 3500 from a friend and prepaid him with interest at the rate of 8% per annum after 81 what is the amount he paid back

Answer 1

Dear Student,

Small correction - it should be '8 months' instead of '81'.

◆ Answer -

Payback = Rs 3686.67

● Explanation -

# Given -

P = Rs. 3500

t = 8 months = 2/3 year

r = 8%

# Solution -

The amount Bindra has to pay back is -

Payback = P (100 + r×t) / 100

Payback = 3500 (100 + 8×2/3) / 100

Payback = 35 × (100 + 5.333)

Payback = 35 × 105.333

Payback = Rs 3686.67

Hence, the amount Bindra paid back is Rs 3686.67.

Thanks dear. Hope this helps you..