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.
Step by step explanation needed
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Answers
Answered by
1
Answer:
interest=
100
p∗r∗t
p = principal amount , r = rate , t = time
interest=
100
7000∗3.5∗2
interest = RS. 490
total amount = interest+ principal amount
= 7000+490= Rs 7490
Answered by
15
Answer:
Rs. 7490
Step-by-Step explanation:
P = Rs. 7,000
R = Rs. 3.5% p.a
T = 2 years
Therefore, Interest to be paid at end of the second year
= PRT/ 100 = 7,000×3.5×2/100= Rs. 490
A = P + I
= Rs. 7,000 + Rs. 490 = Rs. 7,490
Hence, the amount to be paid at end of the second year is Rs. 7490.
hope it helps you.
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