₹7,000 is borrowed at 3.5% rate of interest p.a. borrowed for 2 years. Find the amount to be paid at the end of the second year.

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Solution

Principal amount (P) = ₹7,000
Rate of interest (R) = 3.5%
Time = 2 years

We know that
Simple Interest = $\frac{P r i n c i p a l \times R a t e \times T i m e (y e a r s)}{100}$
Simple Interest = $\frac{7000 \times 3.5 \times 2}{100}$ = 490

Now, Amount = Principal + Interest
So, Amount = ₹7,000 + ₹490 = ₹7,490

So, the amount of ₹7,490 will have to be paid for the given principal at the given rate of interest and time.

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