Question

Vishal Rao borrowed rupees 2000 from Bank at a rate of 8 p.c.p.a. what is the amount he will return to the bank at the end of the year

Answer 1

Principle=₹2000(P)

Rate=8%pa(R)

Time =1 year(T)

Simple interest=(P*R*T)/100

=(2000*8*1)/100

=20*8=₹160

Amount=S.I+ P

= ₹(2000+160)=₹2160 Ans

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Answer 2

➤ Given :-

Principle :- ₹ 2000

Rate of interest :- 8%

Time :- 1 year

➤ To Find :-

Total amount to be paid at end of the year

➤ Formula required :-

${\large \tt \dashrightarrow \orange{\boxed{\tt \gray{ \frac{P \times R \times T}{100} + Principle}}}}$

➤ Solution :-

First, we should find the value of the simple interest by multiplying the principle, rate and time and then divide by 100 and then we should find the value of the total amount by adding the simple interest and principle

Simple Interest :-

${\tt \longrightarrow \dfrac{2000 \times 8 \times 1}{100}}$

${\tt \longrightarrow \dfrac{\cancel{2000} \times 8 \times 1}{\cancel{100}} = \boxed{\tt 20 \times 8 \times 1}}$

${\tt \longrightarrow 20 \times 8 = \boxed{\tt Rs \: \: 160}}$

Now,

${\tt \longrightarrow 160 + 2000}$

${\tt \longrightarrow Rs \: \: 2160}$

$\Huge\therefore$ The total amount to be paid at end of the year is ₹ 2160.

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$\dashrightarrow$ Some related formulas :-

Simple Interest :- ${\boxed{\tt\dfrac{P \times R \times T}{100}}}$

Principle :- ${\boxed{\tt\dfrac{SI \times 100}{R \times T}}}$

Rate of interest :- ${\boxed{\tt\dfrac{SI \times 100}{P \times T}}}$

Time :- ${\boxed{\tt\dfrac{SI \times 100}{P \times R}}}$

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More to know :-

• Simple Interest is the extra amount to be given when a person borrows some money from a person or a bank. The person who gives money is called lender. The person who takes money is called borrower.
• Principal is the amount given at first from lender to borrower.
• Rate of interest is the extra amount to be given from borrower to lender. It is always written in percentage format.
• Time is given for the borrower to return back the given money with the given interest.