Question

to renovate his shop gautam borrowed 16000 from Vijaya bank for 3 years at the rate of 15% annum what amount will be paid to the bank to clear is debt after 3 years

Answer 1

interest= amount x time x percentage divided by 100

therefore, 16000 x 3 x 15

____________________

100

so, 72000 / 100

=720

now we need to add the interest and the amount

16000 + 720

16720 rs is the amount that he needs to pay after 3 years