Question

Anita takes a loan of $5000at15\%peryear$ as rate of interest. Find the interest she has to pay at end of one year.

Answer 1

Find the interest she has to pay at end of one year:

As it is given, Anita takes a loan of $5000at15\%peryear$ as the rate of interest.

Also, we know that

$Intrest=\frac{Principal\times Rate\times time}{100}$

Here, $Principal=Rs5000,Rate=15\%andTime=1year$

So,

$$\begin{gathered} Intrest=\frac{5000\times 15\times 1}{100} \\ =750 \end{gathered}$$

Hence, Interest at the end of one year is of $Rs750.$