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Example 10 - A sum of Rs 10,000 is borrowed at a rate of interest 15%

Example 10 - Chapter 8 Class 8 Comparing Quantities - Part 2

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Example 10 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 2 years. Given, Principal (P) = Rs 10,000 Rate (R) = 15% Per Annum Term (T) = 2 Years Now, Interest (I) = (𝑃 × 𝑅 × 𝑇)/100 = (10000 ×15 ×2)/100 = 100 × 15 × 2 = 100 × 30 = 3000 Now, Amount = Principal + Interest = 10000 + 3000 = 13000 ∴ Simple interest charged = Rs 3000 & Amount to be paid = Rs 13,000

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Davneet Singh has done his B.Tech from Indian Institute of Technology, Kanpur. He has been teaching from the past 13 years. He provides courses for Maths, Science, Social Science, Physics, Chemistry, Computer Science at Teachoo.