Question

Rohit borrowed Rs. 24000 at 7.5 percent per year. How much money will he pay at the end of 4th years to clear his debt?

Answer 1

Principle(P)= Rs. 24000
Rate(R)7,5% P.A.
Time(T)= 4 years
S.I= $\frac{P\times T\times R}{100}$
=Rs.$\frac{24000\times 4\times 7.5}{100}$
=Rs. $240\times 4\times 7.5$
=$240\times 30$ = Rs. 7200
Amount needed to clear the debt at the rate of 4th year.
=Rs. 24000+Rs. 7200 =Rs. 31200