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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 is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 12 years. He provides courses for Maths and Science at Teachoo.