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Question
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?
Solution
Principal (P) = Rs.24,000
Rate (R) = 7.5% P.A.
Time (T) = 4 years
S.I. =`("P"xx"T"xx"R")/100`
= Rs.`(24,000xx4xx7.5)/100`
= Rs. 240 × 4 × 7.5
= 240 × 30
= Rs. 7200
A = P + S.I
A = 24000 + 7200
A = 31200
A = Rs. 31,200
Amount needed to clear the debt at the end of 4th year
= Rs. 24000 + Rs. 7200 = Rs. 31,200
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