sonika borrowed 18000 from the bank for 2 year 6 months at 10% per annum.what amount she will pay at the end
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The amount she pays at the end is ₹ 378000
Explanation:
The simple interest is given by the formula:
A = P (1 + rt)
A = Final amount
P = Principal amount = ₹ 18000
r = Interest rate = 10%
t = time (in years) = 2 years
On substituting the values in the formula, we get,
A = 18000 (1 + (10 × 2))
A = 18000 (1 + 20)
A = 18000 × 21
∴ A = ₹ 378000
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