Question

Lisa borrows £3000 at a simple interest rate of 2.5% per year. She pays the money back after 3 years. How much does she pay back in total?

Answer 1

Given :

Principal = ₹ 3000

Time = 3 yrs

Rate of Interest = 2.5 %

To Find :

Total Amount to be Paid

Formula Used :

Amount = Principal + Simple Interest

Procedure :

$si = \frac{p \times r \times t}{100} \\ \\ = \frac{3000 \times 2.5 \times 3}{100} \\ \\ = 30 \times 2.5 \times 3 \\ = 90 \times 2.5 \\ = 225$

Simple Interest = ₹ 225

Amount = P + SI

= 3000 + 225

= ₹ 3225

Solution :

Amount = ₹ 3225

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