If you borrowed 30,000 pesos from the bank at a 7.8% interest rate, payable in 4.5 years via a simple interest scheme, how much do you have to pay back to the bank in total?
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Answer:
It is given that,
Principal = Rs. 30,000
Rate = 7.8%
Time = 4.5 years
Simple Interest = Principal × rate/100 × time
= 30,000 × 7.8/100 × 4.5
= 3 × 78 × 45
= Rs. 10530
amount to be paid at the last = principal + SI
= 30,000 + 10530
= Rs. 40530
Thus, he have to pay Rs. 40530 back to the bank in total.
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