Question

Find the amount to be paid back by Sohan, if he borrows Rs 6000 for 5 years at 3% p.a

Answer 1

Answer:

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Answer 2

Step-by-step explanation:

amount = principal × ( 1 + rate × time )

= 6000 × ( 1 + 0.03 × 5)

{here 3÷100 = 0.03}

= 6000 × ( 1 + 0.15 )

= 6000 × (1.15)

= 6900 Rs