Question

Shanta borrowed Rs 6000 from the State Bank of India for 3 years 8 months at 12% per annum. What amount will clear off her debt?

Answer 1

Given P=Rs 6000, R=12%, T=3 years 8 months = 3$\frac{8}{12}$=$\frac{44}{12}$years
S.I. =$\frac{P\times R\times T}{100}$
$=\frac{6000\times 12\times 44}{100\times 12}$
$=Rs.2640$
A= P+S.I.$=6000+2640=Rs.8640$