Question

Find the amount to be paid at the end of $3$ years in each case: Principal$=₹1200$ at $12\%p.a.$

Answer 1

Find the interest rate:

We know that $\mathrm{Interest}=\frac{\mathrm{P}\times \mathrm{R}\times \mathrm{T}}{100}$

Given, Principal$=₹1200$ at rate $=12\%p.a.$ for time $3$ years

Total interest will be $I=\frac{1200\times 12\times 3}{100}$ $=₹432$

So, the total amount will be $₹(1200+432)=₹1632$

Therefore, the total amount to be paid is, $₹1632$