Question

You borrow $600 to buy a violin.The simple interest rate is 15%.You pay off loan after 5 years. How much did you pay the loan?

Answer 1

Answer:

SI = PRT/100

RATE=15%

T=5Years

600X15X5/100=450

Amount to be paid as loan= 600+450=$1050

Answer 2

$\bf{\underline{\underline{Given :}}}$

• Principal (P) = $ 600
• Rate (R) = 15%
• Time (T) = 5 years

$\bf{\underline{\underline{We\:Know\:that : }}}$

$\fbox{\mathtt{\red{S.I = \Large{\frac{P × R × T}{100}}}}}$

$\mathtt{\implies\: \Large{\frac{6\cancel{00} × 15 × 5}{1\cancel{00} }}}$

$\mathtt{\implies\: 6 × 15 × 5}$

$\mathtt{\implies\: \ \:450}$

$\fbox{\mathtt{\green{Amount = P + S.I }}}$

$\mathtt{\implies\: \ \:600 + \ \:450}$

$\mathtt{\implies\: \ \:1050}$

Therefore, I paid $ 1,050 as loan after 5 years