Question

Ramesh took a loan of 80000 from a bank at 12% per annum and paid it back after 7 months together with interest. Find the amount he paid to the bank

Answer 1

Principal= 80000rs
Rate of Interest per annum = 12%
Time = 7 months
Amount = ( P×R×T /100 )
80000× 12% ×7 /100×12 =
Simple Interest = 5600rs

Amount =(Principal + Simple Interest)
Amount = 80000rs + 5600rs
Amount = 85600rs
Hence ,Solved