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  • Rs 7,000 is borrowed at 3.5% rate of interest p.a. borrowed for 2 years. Find the amount to be paid at the end of the second year.

  Rs 7,000 is borrowed at 3.5% rate of interest p.a. borrowed for 2 years. Find the amount to be paid at the end of the second year.
 

Answers (1)

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Given that,
Principal = 7,000
Rate= 3.5% p.a
T = 2 year

Therefore, 
Interest = \frac{P\times R\times T}{100}
Substituting the values in the above formula, we get
= \frac{7000\times 3.5\times 2}{100}
= Rs\ 490

So, the total amount to be paid = Rs 490  + Rs 7000 =Rs 7490

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manish

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