If Rs 7000 is borrowed at Simple interest rate of 2.5 % per annum for 3 years, find the amount to be returned ?

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Solution

$Principal, P = Rs 7000 Rate of interest, R = 2.5 % p . a . Time, T = 3 years Simple Interest = \frac{P \times R \times T}{100} \Rightarrow SI = \frac{7000 \times 2.5 \times 3}{100} = Rs 525 Amount = Principal + Interest So, Amount = 7000 + 525 = Rs 7525 So, the amount to be returned after 3 years is Rs 7525 .$

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If Rs 7000 is borrowed at Simple interest rate of 2.5 % per annum for 3 years, find the amount to be returned ?

Principal, P=Rs 7000Rate of interest, R=2.5 % p.a.Time, T=3 yearsSimple Interest=P×R×T100⇒SI=7000×2.5×3100=Rs 525Amount=Principal+InterestSo, Amount=7000+525=Rs 7525So, the amount to be returned after 3 years is Rs 7525.