Rs.6050 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
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Answer:
Amount = 7229.75
Step-by-step explanation:
S.I. = P × R × T, where P = Principal, R = Rate of Interest in % per annum, and T = The rate of interest is in percentage r% and is to be written as r/100.
Amount = principle + simple interest
A = P + S.I.
A = P + P×R×T
A = P (1+RT)
A = 6050 ( 1+ 6.5×3/100 )
A = 6050 ( 1+ 0.195 )
A = 6050 ( 1.195)
A = 7229.75
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