What is the simple interest and amount if the person borrowed Rs 3500 for 4 years at 6 percent p.a.
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Answer:
Simple Interest =Rs. 840
Amount = Rs. 4340
Step-by-step explanation:
Given: principal (p) = Rs 3500,
rate of interest (r) = 6%p.a.
time(t) = 4 years
Simple Interest = p*r*t/100
= Rs. 3500*6*4/100
= Rs. 35*4*6
=Rs.840
Amount = principal + Interest
= Rs (3500+840)
= Rs. 4340
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