Question

Rohan borrowed $Rs20,000$ for $5\frac{5}{6}years$ at $4\frac{1}{4}\%p.a.$ Calculate the interest he has to pay. Also, find the Amount.

Answer 1

$Step1:$calculate the simple interest.

$$\begin{gathered} P=Rs20,000 \\ T=5\frac{5}{6}years=\frac{35}{6}Y \\ R=4\frac{1}{4}\%p.a.=\frac{17}{4}\%p.a. \\ now,SI=\frac{P\times R\times T}{100}=\frac{20000\times 17\times 35}{100\times 4\times 6}=Rs495.83 \end{gathered}$$

$Step2:$calculate the amount.

$A=P+SI=20000+495.83=Rs20,495.83$