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 ?

Answer 1

Given:
Principal (P) = 35250 rupees
Rate of interest (R) = 6%
Time (T) = 1 year
Now, Interest = $\frac{P\times R\times T}{100}$
$$\begin{gathered} =\frac{35250\times 6\times 1}{100} \\ =\frac{211500}{100} \end{gathered}$$
= 2115 rupees
Hence, Kisanrao will have to return 2115 rupees as interest to the bank at the end of the year.