Question

Robert gets a loan from his bank
He agrees to borrow £6000 at a fixed annual simple interest rate of 7%
He also agrees to pay the loan back over a 10 - year period

How much money will he have paid back at the end of the 10 years

Answer 1

➤ Given :-

Principle :- ₹6000

Rate of interest :- 7%

Time :- 10 years

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➤ To Find :-

The total amount to be paid back at end of the period...

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➤ Formula required :-

${\large \dashrightarrow \orange{\boxed{\tt \gray{Simple \: Interest + Principle}}}}$

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★ How to do :-

Here, we are provided with the principle amount, the rate of interest and the time taken to return the money back. We are asked to find the total amount that Robert should give back at end of the period. So, first we should find the simple interest by multiplying the principle, the rate of interest and the time taken to return the money back and then divide it by 100. The obtained answer will be the simple interest. Then we can add the simple interest and the principle i.e, the the given formula to find out the total amount.

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➤ Solution :-

Simple Interest :-

${\tt \leadsto \dfrac{6000 \times 7 \times 10}{100}}$

${\tt \leadsto \dfrac{\cancel{6000} \times 7 \times 10}{\cancel{100}} = \dfrac{60 \times 7 \times 10}{1}}$

${\tt \leadsto 60 \times 70 = 4200}$

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Total Amount :-

${\tt \leadsto 4200 + 6000}$

${\tt \leadsto \boxed{\tt Rs \: \: 10200}}$

$\Huge\therefore$ The total amount to be returned back at end of the period is 10200.

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$\dashrightarrow$ Some related formulas :-

${\longrightarrow \boxed{\sf Simple \: Interest = \dfrac{P \times R \times T}{100}}}$

${\longrightarrow \boxed{\sf Principle = \dfrac{SI \times 100}{R \times T}}}$

${\longrightarrow \boxed{\sf Rate \: of \: Interest = \dfrac{SI \times 100}{P \times T}}}$

${\longrightarrow \boxed{\sf Time = \dfrac{SI \times 100}{P \times R}}}$

Answer 2

Answer:

10200 is answer

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