Question

Rs 7,000 is borrowed at 3.5% rate of interest p.a. borrowed for 2 years. find the amount to be paid at the end of the second year.

Answer 1

si = (prt)÷100
si = (7000×3.5×2)÷100
si = 70×7.0
si = 490₹
a = p+si
a = 7000+490
a = 7490₹

Answer 2

P=rs 7000 at 3.5% p.a

T=2 year

A=?

A=P+I

I=PRT/100 so 7000*3.5*2/100

=490

I=7000

A=P+I=7000+490

7490 is the answer