Question

Mohan takes a loan of ₹ 5000 at 15% per year as a rate of interest. Find the interest he has to pay at the end of one year.
This question was given for class 7th but I didn't get the answer

Answer 1

Answer:

Loan taken (principal) = 5,000.

Rate of interest (ROI) = 15%

Now, calculation =

Interest = principal × ROI

Interest = 5000 × 15 / 100 = Rs. 750

Rs. 750 is paid at the end of the year.

Thanks.