Q.Ritesh took a loan of ₹5,000 from a bank for 3 years at 6% rate of interest compounded annually. Find the amount he has to pay back the bank for clearing his loan. Find also the interest he has to pay the bank.
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Answer:
Principal (P) = ₹ 5000
Time (T) = 3 years
Rate (R) = 6 p.c.p.a
Interest (I) = ?
Amount = ?
I = P×T×R/ 100
∴I = 5000×3×6/ 100
= 900
∴Interest = ₹900
Now,
Amount = Interest + Principal
= 900 + 5000
= ₹5,900
∴The total interest Ritesh has to pay is ₹900 & the total amount he has to pay the bank to clear the loan is ₹5900.
Step-by-step explanation:
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