Question

Shalini takes a loan of ?2,000 at 10% per annum simple interest . Find the interest and amount she has to pay at end of one year?

Answer 1

Dear student

Simple interest = (P * R * T ) / 100

So interest = (2000 * 10 * 1 ) / 100 // T =1 for one year

= 200 rupees

Now Total amount will be = Principal amount + simple interest

= 2000 + 200 = 2200 rupees