Shamol Chakma borrowed 5400 Taka from a bank and an annual interest of 9% is always
charged on the principal.
a) How much Taka would he pay back after 7 years later?
b) In how many years the annual interest will be summed up to 5832 Taka?
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Principal (P) = 5400 Taka
Rate (R) = 9% per annum
Time (T) = 7 Years
a) As we have to find total money which have to be paid after 7 yrs by Shamol Chakma, so we will have to find Amount ie. (Principal + SI)
Therefore,
SI = PRT/100
= 5400 × 9 × 7/100 = 3402 Taka
Amount = Principal + SI = (5400 + 3402) Taka = 8802 Taka
b) Given:- SI = 5832 Taka
Rate (R) = 9%
Principal = 5400 Taka
Therefore, Time = SI × 100 / P × R
= 5832 × 100 / 5400 × 9
= 583200 / 48600
= 12 Years
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