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Question

A man borrowed \(Rs. \ 30000\) from Punjab National Bank to buy a tractor. Find the amount he would pay after \(2\frac {1}{2}\) years at \(17\%\) per annum.

Answer

Principal \((P)= Rs.\ 30000\)
Time \((T)= 2\frac{1}{2} \) years \( = \frac{5}{2} \) years
Rate of interest \((R)=17\% \ p.a\)
Therefore, Simple Interest \((S.I.) = \frac{P×R×T}{100}\)
\(SI = \frac{30000×17×5}{100×2}\)
\(SI =Rs. \ 12750\)
Total Amount \( = P+S.I.\)
\(= Rs.\ 30000 + Rs.\ 12750\)
\(= Rs.\ 42750\)
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