Ravi gave a loan of ₹2,00,000 to his friend for 3 years at 5% interest p.a. Find the amount he will receive at the end of 3 years.
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Ravi find total amount of 3 year
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Step-by-step explanation:
Amount at the end of the term = principle + simple interest
simple interest (SI) = (Principle × Term (yrs) × Rate)÷100
In the question,
rate = 5%
term = 3 years
principle = 2,00,000
interest = (2,00,000×3×5) ÷ 100
= 30,000
amount at the end of the term = 2,00,000 + 30,000
= 2,30,000 rs
he should receive 2,30,000 rs at the end of 3 years.
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