Question

If a sum of rupees 15000 is borrowed for 5 years at the rate of 6% per annum, find the

simple interest and the amount to be paid after 5 years​

Answer 1

In context to question asked,

We have to determine the simple interest and amount paid after 5 years.

As per question,

P = Rs. 15000

Time = 5 years

Rate = 6%

So, applying the formula of SI,

We have,

$SI = \frac{PRT}{100}$

So, putting the value of P, R and T in above question,

We will get,

$SI = \frac{15000 \times 5 \times 6}{100}\\=>SI = Rs.\:4500$

As we know that,

Amount is the sum of principal and simple interest.

So, putting the values in above expression,

We will get Amount as,

$Amount = 15000+4500 = Rs.\:19500$

Hence, simple interest paid after 5 years will be Rs. 4500 and amount will be Rs. 19500.

Answer 2

Given: Principal(P)= Rs.15000, Time(t)= 5 years, Rate per annum(r)= 6%

To find Simple interest(S.I.) and Amount(A) to be paid after 5 years.

Solution: To calculate the interest charged on a loan, there is a very easy and simple technique, which is actually simple interest(S.I.).

We know that  S.I.=(P×t×r)/100

⇒S.I.=Rs.{(15000×5×6)/100}  [substituting the values of P, t, r from above]

⇒S.I.=Rs.{450000/100}

⇒S.I.=Rs.4500

Now A=S.I.+P  [from the formulas]

⇒A=Rs.(4500+15000)  [substituting the values of P and S.I. from above]

⇒A=Rs.19500

Hence Simple interest(S.I.) is Rs.4500 and Amount(A) is Rs.19500 to be paid after 5 years.