Calculate the total amount to be paid if ₹5500 is borrowed for 3 years at 14% per annum. I

August 2023 1 3 Report

Calculate the total amount to be paid if ₹5500 is borrowed for 3 years at 14% per annum.

I did not get answer for this question..

Answer:

Answer:

7,810

Step-by-step explanation:

Sum Borrowed = ₹5,500

Rate of Interest = 14% per annum

Time = 3 years

Amount to be paid = \frac{P*R*T}{100}

100

P∗R∗T

=5,500*14*3/100

= 77,000 × 3 / 100

= 2,31,000/100 = 2,310 (interest)

= ₹5,500 + ₹ 2,310

= ₹7,810