mr chawla look a loan from the bank for 64000 at the rate of 11%p.a for three years at simple interest. how much interest and amount will he have to pay back after three years?
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Answered by
10
Answer:
Step-by-step explanation:
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rakeshsingh25:
what is a formula
plz plz
Total amount to be paid= (original amount×time period for which amount was taken×rate of Interest)
This is valid only when the interest is simple interest
ok
Answered by
13
Answer: 85120
Step-by-step explanation:
Loan amount = 64000
Rate = 11%
Simple interest
= 64000×11÷100
= 7040
3 year = 7040×3
= 21120
Total amount = 64000+21120
=85120
I hope this help you
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