Question

Mr akram borrows Rs 500 from bank for a period of 4 years.
If interest rate is 11% per annum, What would be the
amount of interest the has to pay back in addition to the
principle amount?​

Answer 1

Answer:

Interest = Rs. 220

Step-by-step explanation:

Principal(P) = Rs. 500

Rate(R)= 11%

Time(T)= 4 years

Interest (I) = (P*R*T)/100

= (500*4*11)/100

=22000/100

= Rs. 220

Answer 2

The  amount of interest the has to pay back in addition to the  principle amount is Rs.220

Step-by-step explanation:

Principal = Rs.500

Time = 4 years

Rate of interest = 11%

Formula : $SI = \frac{P \times T \times R}{100}$

Where P = Principal

T= time

R = rate of interest

Substitute the values in the formula :

$SI = \frac{500 \times 4 \times 11}{100}$

SI = 220

Hence the  amount of interest the has to pay back in addition to the  principle amount is Rs.220

#Learn more:

Find the interest 4300 rate of interest 8.5 for the period of 2 years 3months find simple interest.

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