Calculate the total amount to be paid if ₹5500 is borrowed for 3 years at 14% per annum.
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Answer:
Answer:
7,810
Step-by-step explanation:
Sum Borrowed = ₹5,500
Rate of Interest = 14% per annum
Time = 3 years
Amount to be paid = \frac{P*R*T}{100}
100
P∗R∗T
=5,500*14*3/100
= 77,000 × 3 / 100
= 2,31,000/100 = 2,310 (interest)
= ₹5,500 + ₹ 2,310
= ₹7,810
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