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.

₹13,600

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₹13,300

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₹14,600

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₹14,300

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Solution

The correct option is B
₹13,300

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

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

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

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

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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.

The correct option is B ₹13,300 Given: Principal, P = ₹10,000 Rate of interest, R = 11 % Time period, T = 3 years We know that simple interest,S.I=P×R×T100 ⇒S.I=10,000×11×3100=₹3300 ⇒Amount to be paid = P + S.I=10,000+3,300=₹13,300