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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

₹13,600

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B

₹13,300

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C

₹14,600

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D

₹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=P×R×T100

S.I=10,000×11×3100=3300

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


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