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Question

Kisanrao wanted to make a pond in his field. He borrowed rupees 35250 from a bank at an interest rate of 6 p.c.p.a. How much interest will he have to pay to the bank at the end of the year ?

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Solution

Given:
Principal (P) = 35250 rupees
Rate of interest (R) = 6%
Time (T) = 1 year
Now, Interest = P×R×T100
=35250×6×1100=211500100
= 2115 rupees
Hence, Kisanrao will have to return 2115 rupees as interest to the bank at the end of the year.

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