Question

Sita owes Rs. $38,000$ in student loans. The interest rate on her loans is $14.5$%. She will be paying these loans off for $10$ years. How much will she pay altogether?

• A. $93100$
• B. $90000$
• C. $100000$
• D. $120000$

Answer 1

Answer: (A)

$93100$

$\Rightarrow$ $S.I.=\frac{P\times R\times T}{100}$

$\Rightarrow$ $S.I.=\frac{38000\times 14.5\times 10}{100}$

$\Rightarrow$ $S.I.=Rs.55100$.

$\therefore$ Total amount Sita will pay after 10 years = $Rs.38,000+Rs.55,100=Rs.93,100.$