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Question

A man borrowed \(Rs.\ 7200\) from a bank for \(3\) years at \(18\%\) p.a. Find the interest and the amount he will have to pay after the stipulated time.

Answer

Principal \((P)\) \(=Rs. \ 7200\)
Rate \((R\%) \)\(=18\% \) per annum
Time\((T)=3 \)years
Simple interest \(=\frac{P\times R\times T}{100}\)
\(=Rs. \ \frac {7200\times 18\times 3}{100}\)
\(\implies Rs.\ 72\times 18\times 3 = Rs. \ 3888\)
Amount \(=\) Principal \(+\) Interest
\(=Rs. \ 7200+Rs. \ 3888\)
\(=Rs. \ 11088\)
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