Question

Aditi took a loan of ₹1,50,000 from a bank at interest of 10% per annum. Calculate the simple interest that she has to pay after 5 years.

Answer 1

Given,
Principal (P) = ₹1,50,000
Rate of interest (r) = 10%
Time (T) = 5 years

Simple Interest = $\frac{P\times T\times r}{100}$, where T is in years
So, Simple Interest = $\frac{₹1,50,000\times 5\times 10}{100}=₹75,000$
So, Aditi has to pay a simple interest of ₹75,000 after 5 years.