Question

Calculate the total amount to be paid if ₹5500 is borrowed for 3 years at 14% per annum.

Answer 1

Answer:

The total amount to be paid if ₹5500 is borrowed for 3 years at 14% per annum is ₹7810.

Step-by-step explanation:

Given: Principal = ₹ 5500

Rate = 14%

Time = 3 years

Formula:

$SI = \frac{principal \times time \times rate}{100} \\= \frac{5500 \times 3 \times 14}{100} \\= 55 \times 42\\=2310 Rs$

Amount = Rs.(Principal + SI)

Amount = Rs.(5500 + 2310)

Amount = Rs.7810

So, amount pay after 3 years is ₹7810.

Answer 2

Information provided with us:

➪ Principal

$\implies \sf \:5500\: Rs$

➪Time

$\implies \sf \: 3 \: years$

➪ Rate of Interest

$\sf\implies \: 14 \: \% \: per \: annum$

What we have to calculate༄

➪The required Total amount

✰Note :

• First find simple Interest

✰Formula used ༄

$\clubsuit \: \rm \:Simple \: Interest :$

$\longrightarrow\bigstar \: \: \sf\boxed{\bold{\orange{ \bigg(\dfrac{P \times R \times T}{100}\bigg)}}}\: \: \: \bigstar$

✰Where ༄

➡ P = Principle

➡ R = Rate of Interest

➡ T = Time

✰Now ༄

➡ Substitute the given values in above formula and solve

$\longrightarrow\bigstar \: \: \sf\boxed{\bold{\green{ \bigg(\dfrac{5500\times 14 \times 3}{100}\bigg)}}}\: \: \: \bigstar$

$\longrightarrow\bigstar \: \: \sf\boxed{\bold{\red{ \bigg(\dfrac{231000}{100}\bigg)}}}\: \: \: \bigstar$

$\longrightarrow\bigstar \: \: \sf\boxed{\bold{\blue{2,310 \:Rs }}}\: \: \: \bigstar$

✰Therefore༄

$\rm \therefore \: Thus \: required \: simple \: interest\:is$

$\implies\bigstar \: \: \sf\boxed{\bold{\gray{2,310 \:Rs }}}\: \: \: \bigstar$

✰Now ༄

• ➡ Amount = Principle + Simple Interest

$\longrightarrow\bigstar \: \: \sf\boxed{\bold{\pink{\:5,500 + 2,310 \:Rs }}}\: \: \: \bigstar$

$\longrightarrow\bigstar \: \: \sf\boxed{\bold{\purple{7,810 \:Rs }}}\: \: \: \bigstar$

✰Therefore༄

$\rm \therefore \: Thus \: required \: amount \:is$

$\implies\bigstar \: \: \sf\boxed{\bold{\gray{7,810 \:Rs }}}\: \: \: \bigstar$