Question

Rui Feng borrows $48 000 from a bank that charges
simple interest at a rate of 6% per annum. Find the
total amount of money he has to pay the bank at
the end of 2 years.

Answer 1

Given:

Rui Feng borrows $48 000 from a bank that charges simple interest at a rate of 6% per annum.

To find:

The total amount of money he has to pay the bank at the end of 2 years.

Solution:

We know,

$\boxed{\bold{Simple\: Interest = \frac{P \times R \times T }{100} }}\\\\\boxed{\bold{Amount = Principal + Simple\: Interest }}$

The sum of money, P = $ 48000

The rate of interest, R = 6%

The no. of years, T = 2 years

By using the above formulas, we get

∴ $Simple\: Interest = \frac{48000 \times 6 \times 2 }{100} = 480 \times 6 \times 2 = \ \: 5760$

and

∴ $Amount = \ \:48000 + \ \: 5760 = \ \:53760$

Thus, the total amount of money Rui Feng has to pay the bank at

the end of 2 years is → $ 53760.

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