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?
Answers is 18000​

Answer 1

625/100 % of 16000

625/100 × 1/100 × 16000

1000

therefore additional money he had to pay = 16000 + 1000

= 17000