Ramu borrowed Rs 7,300 from a bank on 8th April, 2002 and settled the account on 3rd March 2003 - Maths - Data Handling

Question

Ramu borrowed Rs 7,300 from a bank on 8th April, 2002 and
settled the account on 3rd March 2003 What amount did he pay if the
rate of interest is 16% per annum?

Aakash Sharma · Accepted Answer

Dear Student!

Here is the answer to your query.

Given : Principal amount (P) = Rs 7300

Time (T) = 8^th April 2002 to 3^rd March 2003

= 335 days $= \frac{335}{365}$ years

Rate of Interest (R) = 16%

Now Amount (A) = P + S. I.

$= P + \frac{P × R × T}{100}$

$= Rs (7300 + \frac{7300 \times 16 × \frac{335}{365}}{100}) = Rs (7300 + \frac{107200}{100}) = Rs (7300 + 1072) = Rs 8372$

Cheers!

Ramu borrowed Rs. 7,300 from a bank on 8th April, 2002 and settled the account on 3rd March 2003. What amount did he pay if the rate of interest is 16% per annum?