Maths-
General
Easy
Question
Ram borrowed Rs. 24000 from a bank for 3 years at the rate of 12% interest. Find the amount due from him after 3 years.
Hint:
Use the formula for simple interest and then find the total amount.
The correct answer is: 32640 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 Ram from the bank = P = 24000 Rs
Here, we have T = 3,R = 12% and P = 24000
On substituting the known values in (i), we get 
We have SI = 8640 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 + 8640 = 32640
Hence total amount to be paid after 3 years = A = 32640 Rupees.
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