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Question
Ahmed Chacha borrowed rupees 25000 at 12 p.c.p.a. for a year. What amount will he have to return to the bank at the end of the year?
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Solution
Given:
Principal (P) = 25000 rupees
Rate of interest (R) = 12%
Time (T) = 1 year
Now, Interest = `("P" xx "R" xx "T")/100`
`= (25000 xx 12 xx 1)/100`
`= 300000/100`
= 3000 rupees
Therfore, Amount = Principal + Interest
= 25000 + 3000
= 28000 rupees
Hence, Ahmed Chacha will have to return 28000 rupees to the bank at the end of the year.
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