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Question
Kisanrao wanted to make a pond in his field. He borrowed rupees 35250 from a bank at an interest rate of 6 p.c.p.a. How much interest will he have to pay to the bank at the end of the year?
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Solution
Given:
Principal (P) = 35250 rupees
Rate of interest (R) = 6%
Time (T) = 1 year
Now, Interest = `("P" xx "R" xx "T")/100`
`= (35250 xx 6 xx 1)/100`
`= 211500/100`
= 2115 rupees
Hence, Kisanrao will have to return 2115 rupees as interest to the bank at the end of the year.
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