Question

Naveen borrowed rupees 5000 from the bank at 16% per annum .he returned the amount after 2 years how much did he pay

Answer 1

5000*16/100 = 800 per annum.. so for two yrs 800+800= 1600 rs .... may be this is your answer.. MaTE..

Answer 2

Greetings..!

Naveen borrowed(Principal) = Rs 5000

Rate of interest = 16% p.a

Time for which he borrowed = 2 years

Thus, SI = p*r*t/100 = 5000*16*2/100=Rs 1600

SO, amount he paid = P + SI = 5000 + 1600 = Rs 6600