Question

Rajan borrowed rs.7000 from a bank at 5% simple annual rate of interest. the amount is to be paid after 5 years. rajan pays rs.4000 after 2 years. how much amount should he pay at the end of 5 years to pay off his debt completely?

Answer 1

interest after 2 years of 7000= (7000×2×5)÷100=700
and 3000 for 3 years =450
total amount is to be paid
7000+700+450=8150
now amount will have to paid 8150-4000=4150