Rohit Borrowed Rs. 24,000 at 7.5 Percent per Year. How Much Money Will He Pay at the End of the 4th Years to Clear His Debt? - Mathematics
Rohit borrowed Rs. 24,000 at 7.5 percent per year. How much money will he pay at the end of the 4th years to clear his debt?
Principal (P) = Rs.24,000
Rate (R) = 7.5% P.A.
Time (T) = 4 years
= Rs. 240 × 4 × 7.5
= 240 × 30
= Rs. 7200
Amount needed to clear the debt at the end of 4th year
= Rs. 24000 + Rs. 7200 = Rs. 3,1200
Concept: Concept of Principal, Interest, Amount, and Simple Interest
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