Ravi lent Rs 8000 to Ram at the rate of 18% per annum simple interest. How much does Ram owes to Ravi after 2 years 6 months?
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Answer:
Rs.11600
Step-by-step explanation:
Principal =Rs.8000
Rate of Interest=18% per annum
Time=2yrs 6mths
=2 6/12
=5/2
Interest=P×R×T=Rs.8000×18/100×5/2=Rs.3600
Total Amount=P+I=Rs.8000+Rs.3600=Rs.11600
Therefore,Ram owes Rs.11600 to Ravi after 2 yrs 6 mths at 18% per annum.
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