Hari borrowed ₹ 800 at 12% interest per annum for 3 years. a) How much interest did he pay? b) What was the amount to be paid back at the end of 3 years?
Answers
Answer:
Principal = Rs 800
Interest rate=12%
Time=3 years
So first we need to solve for a.
So the formula is
a. He paid an interest of Rs 288
Now we need to solve for option b.
So
To find Amount, it is P+SI
=800+288
=1088
The amount he will get back at the end of 3 years is Rs 1088.
Hope it helps you from my side
He pays Rs 288 as interest and Amount to be paid back after 3 years = Rs 1088 if ₹ 800 borrowed at 12% interest per annum for 3 years.
Given:
- Hari borrowed ₹ 800 at 12% interest per annum for 3 years
To Find:
- a) How much interest did he pay?
- b) What was the amount to be paid back at the end of 3 years?
Solution:
- SI = P * R * T /100
- P + principal
- R = rate of interest in % per annum
- T = Time in Years
- SI = Simple Interest
- A = Amount
- A = P + Interest
Step 1:
Substitute P = 800 , R = 12 and T = 3 to find Interest amount in 3 years
Interest = P * R * T/100
Interest = 800 * 12 * 3 /100
Interest = 8 * 36
Interest = 288 Rs
He pays Rs 288 as interest
Step 2:
Add interest Rs 288 in borrowed Rs 800 to find amount to be paid back
= 800 + 288
= 1088 Rs
Amount to be paid back after 3 years = Rs 1088
Hari pays Rs 288 as interest and Amount to be paid back after 3 years = Rs 1088 if ₹ 800 borrowed at 12% interest per annum for 3 years.