Question

British borrows 5000 from the bank for 4 years at the rate of interest 11%. How much interest does he pay for 4 years and what is the total amount he pay back to the bank at the end of 4 years to clear his debit

Answer 1

Answer:

As we know that the bank applies simple interest.

sᴏ ғᴏʀᴍᴜʟᴀ ғᴏʀ sɪᴍᴘʟᴇ ɪɴᴛᴇʀᴇsᴛ

$si = \frac{prt}{100}$

Principal (P) = 5000

Rate. (r). = 11%

Time. (t). = 4 years

Total amount that the person will pay is

ᴀᴍᴏᴜɴᴛ = s.ɪ + ᴘʀɪɴᴄɪᴘᴀʟ

Before finding amount we will find the SI

$si = \frac{5000 \times 11 \times 4}{100}$

 = 2,200

Now as we know the formula for Amount putting the required values in the formula.

Amount = 2200 + 5000

. = 7200

So the person has to pay rs 7200

Answer 2

Answer:

How to calculate interest on a loan

Gather information like your principal loan amount, interest rate and total number of months or years that you'll be paying the loan.

Calculate your total interest by using this formula: Principal Loan Amount x Interest Rate x Time (aka Number of Years in Term) = Interest....Mark Brainlist Selected my Question Please dhyan se.