Question

Rs 6,050 is borrowed at 6.5% rate of interest P.a. find the interest and the amount to be paid at the end of 3 years​

Answer 1

In context to questions asked,

We have to determine the Interest earned on Rs. 6050 which is borrowed at 6.5% rate of interest for 3 years.

As we know that,

Amount is the sum of principal and interest earned.

As per questions,

P = Rs. 6050

Rate = 6.5%

Time = 3 years

So, applying the formula for finding the rate of interest,

we will get it as,

$\frac{prt}{100} \\ = \frac{6050 \times 6.5 \times 3}{100} \\ = 1179.75$

Hence, value of amount will be

$1179.75 + 6050 = 7229.75$

Hence, Total value of amount will be Rs. 7229.75.