Hiralal borrowed ₹30,000 at 11 p.c.p.a from a bank for 1 year. how much money should he pay to the bank at the end of the year?
Answers
Answer:
The correct answer for the question is ₹33,300.
Step-by-step explanation:
Given that, Hiralal borrowed ₹30,000 at 11% per annum.
Therefore,
Principal amount (P) = ₹30,000
Rate of Interest (R) = 11 % p.a.
Time Duration (T) = 1 year
Calculating the Simple Interest(S.I.) for one year on the given principal:
S.I. = (P*R*T)/100
= (30000*11*1)/100
= ₹3,300
The interest that Hiralal has to pay after a year is ₹3,300
The final amount to be paid:
A = P + S.I.
= 30000+3300
= ₹33,300
Therefore Hiralal should pay ₹33,300 to the bank at the end of the year.
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Answer:
Hiralal needs to pay ₹33,300 to the bank at the end of the year, after he has borrowed ₹30,000 at 11 p.c.p.a from a bank for 1 year.
Step-by-step explanation:
Hiralal borrowed ₹30,000 at an interest rate of 11% per annum from a bank for a period of 1 year. To calculate the total amount he needs to pay at the end of the year, we need to use the formula for simple interest.
The formula for simple interest is:
Simple Interest = (Principal x Rate x Time)/100
where,
Principal = ₹30,000
Rate = 11% per annum
Time = 1 year
Substituting the values in the formula, we get:
Simple Interest = (30,000 x 11 x 1)/100
= ₹3,300
Therefore, the simple inte rest on the loan is ₹3,300.
Now, to calculate the total amo unt that Hiralal needs to pay at the end of the year, we need to add the simple interest to the principal amount. The total amount is given by:
Total Amount = Principal + Simple Interest
= ₹30,000 + ₹3,300
= ₹33,300
Therefore, Hiralal needs to pay ₹33,300 to the bank at the end of the year, which includes the principal amount of ₹30,000 and the interest of ₹3,300
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