Question

Randhir borrowed 7,000 from a bank at 8% per annum. He returned the money after 9 months. How much did he pay back altogether?​

Answer 1

Answer:

₹7420

Step-by-step explanation:

Principal = ₹7,000

Rate = 8% p.a.

Time = 9 months

= 3/4 year

Simple interest = P × R × T ÷ 100

= 7000 × 8 × 3 ÷ 100 × 4

= ₹420

Amount = P + SI

= ₹7000 + ₹420

= ₹7420

Request:

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Answer 2

➤ Given :-

Principle :- ₹ 7000

Rate of interest :- 8%

Time :- 9 months $=$ 0.75 years

➤ To Find :-

Total amount of the given sum.............

➤ Formula required :-

${\large \tt \dashrightarrow \orange{\boxed{\tt \gray{\dfrac{P \times R \times T}{100} + Principle}}}}$

➤ Solution :-

First, we should find the simple interest by multiplying principle, rate and time and divide it by 100.......

Simple Interest :-

${\tt \longrightarrow \dfrac{7000 \times 8 \times 0.75}{100}}$

${\tt \longrightarrow \dfrac{ \cancel{7000} \times 8 \times 0.75}{ \cancel{100}} = \boxed{\tt 70 \times 8 \times 0.75}}$

${\tt \longrightarrow 560 \times 0.75 = \boxed{\sf Rs \: \tt \: 420}}$

Now,

Total amount :-

${\tt \longrightarrow 7000 + 420}$

${\sf \longrightarrow Rs \tt \: \: 7420}$

$\Huge\therefore$ The total amount to be paid for the bank is ₹ 7420.

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$\dashrightarrow$ Some related formulas :-

Simple Interest :- ${\boxed{\tt\dfrac{P \times R \times T}{100}}}$

Principle :- ${\boxed{\tt\dfrac{SI \times 100}{R \times T}}}$

Rate of interest :- ${\boxed{\tt\dfrac{SI \times 100}{P \times T}}}$

Time :- ${\boxed{\tt\dfrac{SI \times 100}{P \times R}}}$

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More to know..................

• Simple Interest is the extra amount to be given when a person borrows some money from a person or a bank. The person who gives money is called lender. The person who takes money is called borrower.
• Principal is the amount given at first from lender to borrower.
• Rate of interest is the extra amount to be given from borrower to lender. It is always written in percentage format.
• Time is given for the borrower to return back the given money with the given interest.