Question

What is sum assured?
Arjun borrowed Rs 500 for his loan in a bank at 5% per annuam Find the simple interest
and sum assured that he pays to the bank.​

Answer 1

Step-by-step explanation:

Here Principal (P) = Rs 5,000 

Rate of interest (r) = 5 % per annum 

Time (n) = 3 years 

Simple Interest I = pnr100pnr100 = 5000×3×51005000×3×5100 = Rs 750 

Amount to be paid

A = P + I  = Rs 5,000 + Rs 750  = Rs 5,750

  I = Rs 750; 

A = Rs 5,750.