Yasmeen wants to set up a business. She borrows Rs 6000 from a loan company. The loan company charges 6% per year simple interest. How much interest will Yasmeen pay after 3 years?
Answers
Answer:
Total Amount borrowed by Jaya = Rs.50,000
let us first calculate the interest on that amount in the first year
Interest=
100
Principle×Time×Rate
Interest=
100
50000×1×12
Interest=Rs 6000
So,Jaya has to pay an interest of Rs. 6,000 by the end of the first year.
But she has paid an amount of Rs. 33,000
So,she has cleared a debt of Rs.33,000−Rs.6,000=Rs.27,000
Remaining debt of Jaya = Rs.50,000−Rs.27,000=Rs.23,000
By the end of the second year she has to pay an interest for an amount of Rs.23,000
Interest=
100
23,000×1×15
Interest=Rs.3,450
So the total amount she has to pay to clear her debt= Amount+Interest
=Rs.23,000+Rs.3,450
=Rs.26,450
So, Jaya has to pay a total amount of Rs.26,450 to clear her debt
Answer:
1080
Step-by-step explanation:
Simple Interest =(P×R×N) /100
P=6000
R=6%
N=3 years
SI=(6000×6×3)/100
SI=108000/100
=1080