Arun borrowed Rs 24,000 from Rahul at the rate of 15% per annum simple interest for 4 years. Find the simple interest and the total amount that has to be paid at the end of 4 years.

The correct answer is: 38400 Rupees

Complete step by step solution:
We calculate simple interest by the formula,…(i)
where P is Principal amount, T is number of years and R is rate of interest
Money borrowed by Arun from Rahul = P = 24000 Rs
Here, we have T = 4,R = 15% and P = 24000
On substituting the known values in (i), we get 

We have SI = 14400 Rupees.
We know the formula for total amount = A = P + SI…(ii)
where A is the total amount, P is the principal amount and SI is simple interest.
On substituting the known values in (ii), we get A = 24000 + 14400 = 38400
Hence total amount to be paid after 4 years = A = 38400 Rupees.