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A person borrowed ₹10,000 at an annual simple interest rate of 8% for 3 years. What is the total amount to be repaid after 3 years?
- a)₹12,400
- b)₹12,600
- c)₹12,800
- d)₹13,000
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
A person borrowed 10,000 at an annual simple interest rate of 8% for 3...
Principal (P) = ₹10,000, Rate (R) = 8%, Time (T) = 3 years
Simple Interest (SI) =
Total Amount = Principal + Interest = ₹10,000 + ₹2,400 = ₹12,400
Simple Interest (SI) =
Total Amount = Principal + Interest = ₹10,000 + ₹2,400 = ₹12,400
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A person borrowed 10,000 at an annual simple interest rate of 8% for 3...
Total Amount to be Repaid
To calculate the total amount to be repaid after borrowing money with simple interest, we can use a straightforward formula. Here's how to break it down:
Understanding Simple Interest
- Principal Amount (P): This is the initial amount borrowed. In this case, it's 10,000.
- Annual Interest Rate (r): The interest rate per year, which here is 8% (or 0.08 in decimal form).
- Time (t): The duration for which the money is borrowed, given as 3 years.
Calculating Simple Interest
To find the simple interest (SI), use the formula:
- SI = P × r × t
Plugging in the values:
- SI = 10,000 × 0.08 × 3
- SI = 10,000 × 0.24
- SI = 2,400
Calculating Total Amount
The total amount (A) to be repaid after 3 years is the sum of the principal and the interest:
- A = P + SI
So, substituting the values:
- A = 10,000 + 2,400
- A = 12,400
Conclusion
Therefore, the total amount to be repaid after 3 years is 12,400. The correct answer is option 'A'.
To calculate the total amount to be repaid after borrowing money with simple interest, we can use a straightforward formula. Here's how to break it down:
Understanding Simple Interest
- Principal Amount (P): This is the initial amount borrowed. In this case, it's 10,000.
- Annual Interest Rate (r): The interest rate per year, which here is 8% (or 0.08 in decimal form).
- Time (t): The duration for which the money is borrowed, given as 3 years.
Calculating Simple Interest
To find the simple interest (SI), use the formula:
- SI = P × r × t
Plugging in the values:
- SI = 10,000 × 0.08 × 3
- SI = 10,000 × 0.24
- SI = 2,400
Calculating Total Amount
The total amount (A) to be repaid after 3 years is the sum of the principal and the interest:
- A = P + SI
So, substituting the values:
- A = 10,000 + 2,400
- A = 12,400
Conclusion
Therefore, the total amount to be repaid after 3 years is 12,400. The correct answer is option 'A'.
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A person borrowed 10,000 at an annual simple interest rate of 8% for 3 years. What is the total amount to be repaid after 3 years?a)12,400b)12,600c)12,800d)13,000Correct answer is option 'A'. Can you explain this answer?
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