Question

Ramesh borrowed Rs. 8000 for 3 years at 1% per annum. The amount he has to pay to clear off his debt is

• A. Rs. 9260
• B. Rs. 7240
• C. Rs. 9240
• D. Rs.8240

Answer 1

The correct option is D Rs.8240

P = Rs. 8000; R = 1%; T = 3 years; A = ?
$A=(P+\frac{PTR}{100})$

$A=(8000+\frac{8000\times 1\times 3}{100})$

$=8000\times \frac{103}{100}$

= Rs. 8240