Kisanrao wanted to make a pond in his field. He borrowed ₹ 35250 from a bank at an interest rate of 6 p.c.p.a. How much interest will he have to pay to the bank at the end of the year?
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GIVEN :-
Money borrowed (PRINCIPLE) = Rs.35250
Rate if interest = 6% per year
Time = 1 year
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BY THE QUESTION :-
∴ SIMPLE INTEREST = (P×R×T)÷100
= (35250×6×1)÷100
= Rs.2115
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TOTAL AMOUNT TO BE PAID = PRINCIPLE + SIMPLE INTEREST
= Rs.35250 +Rs.2115
= Rs. 37,365
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