Question

$Rs6050$ is borrowed at $6.5\%$rate of interest p.a. Find the interest and the amount to be paid at the end of $3years$.

Answer 1

Given, $P=Rs6050,R=6.5\%,T=3years$

We know that,

$$\begin{gathered} S.I.=\frac{P\times R\times T}{100} \\ =\frac{6050\times 6.5\times 3}{100} \\ =1179.75Rs \end{gathered}$$

But ,

$$\begin{gathered} Amount=P+S.I. \\ =6050+1179.75 \\ =7229.75Rs \end{gathered}$$

Therefore, simple interest will be $Rs1179.75$ and amount will be $7229.75Rs$.