Question

Gagan borrowed Rs 13870 on 6th January 2005, from a bank at the rate of 6% p.a. What amount would he have to pay back on 13th September 2005?

Answer 1

Answer:

Step-by-step explanation:

money borrowed=13870

time in days=250 days

Equation:

A = P(1 + rt)

answer=

A = 14,435.90

(I = A - P = 565.90)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 6% /100 = 0.06 per year.

Putting time into years for simplicity,

250 days / 365 days/year = 0.68 years.

Solving our equation:

A = 13870(1 + (0.06 × 0.68)) = 14435.896  

A = 14,435.90

The total amount accrued, principal plus interest, from simple interest on a principal of 13,870.00 at a rate of 6% per year for 0.68 years (250 days) is 14,435.90.

therefore gagan should repay 14435.90 rs.

Answer 2

Answer:

A=p(r+1/100)n to the power

Step-by-step explanation: