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Question
Aravind borrowed a sum of ₹ 8,000 from Akash at 7% per annum. Find the interest and amount to be paid at the end of two years
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Solution
Here Principal P = ₹ 8,000
Rate of interest r = 7% per annum
Time (n) = 2 years
Simple Interest (I) = `"Pnr"/100`
= `(8000 xx 2 xx 7)/100`
I = ₹ 1120
Amount = P + I
I = ₹ 8000 + 1120 = 9120
Interest to be paid = ₹ 1,120
Amount to be paid = ₹ 9,120
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