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Q. A sum of Rs. 10,000 is borrowed at a rate of interest
15% per annum for 2 years. Find the simple interest on this sum and the amount to be paid at the end of two years.

Q. A sum of Rs. $10$ , $000$ is borrowed at a rate of interest $15 \%$ per annum for $2$ years. Find the simple interest on this sum and the amount to be paid at the end of two years.

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Finance problems

Full solution

Q. Q. A sum of Rs.

10

,

000

is borrowed at a rate of interest

15 \%

per annum for

2

years. Find the simple interest on this sum and the amount to be paid at the end of two years.

Use Formula: To calculate the simple interest, we use the formula: $\newline$ Simple Interest (SI) = $(Principal \times Rate \times Time) / 100$ $\newline$ Here, Principal (P) = Rs. $10,000$ , Rate (R) = $15\%$ per annum, and Time (T) = $2$ years.
Substitute Values: Substitute the given values into the formula to calculate the simple interest: $SI = (10,000 \times 15 \times 2) / 100$
Perform Calculation: Perform the multiplication and division to find the simple interest: $\newline$ SI = $(10,000 \times 30) / 100$ $\newline$ SI = $300,000 / 100$ $\newline$ SI = Rs. $3,000$
Find Total Amount: Now, to find the total amount to be paid at the end of two years, we add the simple interest to the principal amount: $\newline$ Total Amount = Principal + Simple Interest $\newline$ Total Amount = Rs. $10,000$ + Rs. $3,000$
Calculate Total: Calculate the total amount to be paid: $\newline$ Total Amount = Rs. $10,000$ + Rs. $3,000$ $\newline$ Total Amount = Rs. $13,000$

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