Question

Find the amount of money required to clear a loan of Rs.25000 at 16% for 3 yrs in simple interest?​

Answer 1

Answer:

38,500 rupees

Step-by-step explanation:

Using prt/100 method

Answer 2

Rs 37000 is the amount of money required to clear a loan of Rs.25000 at 16% for 3 yrs in simple interest

Given :

• A loan of Rs.25000 at 16%  at simple interest for 3 yrs

To Find :

• Amount required to clear off loan

Solution:

P = 25000 Rs

R = 16 % per annum

T = 3 years

SI = Simple interest

SI = P * R * T /100

Substitute the values

SI  = 25000 * 16 * 3 /100

=> SI  = 12000  Rs

A = P + SI

A = Amount to clear off Loan

A = 25000 + 12000

=> A = 37000 Rs

Rs 37000 is the amount of money required to clear a loan of Rs.25000 at 16% for 3 yrs in simple interest

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