Question

if Satish borrowed rupees 7000 from the bank at 7% interest per annum for 3 years find the simple interest and the amount he had to pay​

Answer 1

Explanation:

Principle=7000rs

Rate=7%

Time=3 years

Simple interest =(Principle × Rate × Time)/100

SI=7000×7×3/100

SI=Rs.1470

Now,we have to find the amount

so,

Amount = Principle + Simple interest

amount = 7000+1470

amount =8470

so at last he has to pay Rs.8470.

Answer 2

Given:

Satish borrowed rupees 7000 from the bank at 7% interest per annum for 3 years.

To find:

We have to find the simple interest and the amount he had to pay.

Solution:

The simple interest is given as-

$\frac{prt}{100}$

Where p is the principal =7000.

r is the rate of interest =7%.

t is the time of investment=3 years.

Hence simple interest is as follows-

$\frac{7000 \times 7 \times 3}{100} \\ 1470$

The amount Satish had to pay is 7000+1470=8470 rupees.

The simple interest on the sum is 1470 rupees and Satish had to pay 8470 rupees.