Find the amount of loan to be paid back if the borrowed sum is ₹10,000, at a rate of 11% interest per annum under simple interest for a period of 3 years.

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Solution

Using the formula $I = \frac{P T R}{100}$ and substituting

P = $₹ 10, 000, R = 11 %, T = 3$ years, we have
$[0.5 m a r k]$

$I = \frac{10, 000 \times 11 \times 3}{100} = ₹ 3300$
$[1 m a r k]$

Amount $= P + I = 10, 000 + 3, 300 = ₹ 13, 300$
$[0.5 m a r k]$

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Find the amount of loan to be paid back if the borrowed sum is ₹10,000, at a rate of 11% interest per annum under simple interest for a period of 3 years.

Using the formula I=PTR100 and substituting P = ₹ 10,000,R=11%,T=3 years, we have [0.5 mark] I=10,000×11×3100=₹3300 [1 mark] Amount =P+I=10,000+3,300=₹13,300 [0.5 mark]

Using the formula $I = \frac{P T R}{100}$ and substituting

P = $₹ 10, 000, R = 11 %, T = 3$ years, we have
$[0.5 m a r k]$

$I = \frac{10, 000 \times 11 \times 3}{100} = ₹ 3300$
$[1 m a r k]$

Amount $= P + I = 10, 000 + 3, 300 = ₹ 13, 300$
$[0.5 m a r k]$