Question

Karthik borrows $24000 from a bank at 12% p.a
simple interest. He repays 20% of the principal at the
end of every year. What is the simple interest that has
accrued for the first four years? (in )​

Answer 1

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Step-by-step explanation:

Given :

The principal borrowed from bank = p = Rs 24000

The rate of interest = r = 12% pa , at simple interest

The amount repaid at end of year = 20% of principal

Time period = t = 4 years

To find :

The simple interest that has  accrued for the first four years

Solution :

From Simple Interest method

SI =  {Principla *times rate *times Time}\100}

   = {p*s * t}/{100}

   = {24000 *times 12 *times 4} /100}

   =

   =

   = Rs 11520

Hence, The simple interest that has  accrued for the first four years is Rs 11520  Answer