Question

Raj borrowed $Rs12,000$ from Shiv at $3\frac{1}{2}\%$ per annum for $11$ years. How much did Raj return to Shiv after $11years$?

Answer 1

amount borrowed by raj = 12,000 Rs.

Rate of interest = $3\frac{1}{2}$% P.a = $\frac{7}{2}$% P.a

Time = 11 year

now simple interest = $\frac{PRT}{100}=\frac{12,000\times 7}{100\times 2}\times 11$

$=77\times 60$

Simple interest = Rs. 4420.

$\therefore$ amount to be returned after 11 years = 12,00 + 4420.

Total amount = 16,420 Rs.