Question

Ramesh took a loan of Rs 80000 from bank at 12%pr anm &paid it back aftr 7 mnths together with interest.find the amount he paid to the bank

Answer 1

Simple interest = p×r×t/100
=80000×12×7/100×12
=5600
Amount = 8000+5600
=13600

Answer 2

Note that the principal amount, P=Rs 80,000The rate of interest, R=12% p aThe time period is 7 months that is 712 yearsThe simple interest can be calculated as,      S I=P×R×T100Substitute the values to get,     S I=Rs 80,000×12×7100×12          =Rs 800×7          =Rs 5600So the required amount paid to the bank is given by,   Amount=Principal amount +Interest                =Rs 80,000+5600                =Rs 85,600