Question

Myles deposited P5000 for 4 years at a rate of 5.5%. What will his balance be at the end of that time?

Answer 1

Answer:

p=5000

interest = 5.5%

time = 4yrs

Rs. 6100

Answer 2

Rs. 6100 will be his balance at the end of that time.

• Simple interest is a notion that is employed across a wide range of industries, including banking, finance, automobiles, and more. When you pay back a loan, the monthly interest is deducted first, and any remaining funds are applied to the principle.
• The Simple Interest (S.I.) formula is a way to figure out how much interest will accrue on a given principal sum of money. However, borrowing money is not unrestricted in the actual world. You frequently need to take out a loan from a bank to borrow money. In addition to the loan amount, you must pay back additional funds based on the loan amount and the length of time you borrowed the money. We refer to this as simple interest. This phrase is frequently used in banking.

Here, according to the given information, we are given that,

Principal (P) = Rs. 5000,

Time period (t) = 4 years,

Rate of interest (r) = 5.5%

Then, the simple interest obtained = $\frac{Prt}{100} =\frac{5000.(4).(5.5)}{100} =1100$

Then, the final amount at the end of that time is,

RS. (5000 + 1100) = Rs. 6100.

Hence, Rs. 6100 will be his balance at the end of that time.

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