Question

sumit borrowed 16000 for his son's marriage and repaid the loan after 3 years. if simple interest at the rate of 6.25% was charged, what additional money he had to pay?​

Answer 1

simple intrest,

I=PRT/100

I=16000×625×3/100×100

I=3000

A= P+I

A=16000+3000

A=19000

so he had to pay 3000rs as additional money.