Question

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

• A. 13300

Answer 1

The correct option is A 13300

Given:
Principal, P = ₹10,000
Rate of interest, R = 11 %
Time period, T = 3 years

$\text{We know that simple interest,}S.I=\frac{P\times R\times T}{100}$

$\Rightarrow S.I=\frac{10,000\times 11\times 3}{100}=₹3300$

$\Rightarrow \text{Amount to be paid = P + S.I}=10,000+3,300=₹13,300$