2 years ago

Ramu and ravi borrowed rs 8000

Mathematics

1 answer:

Phoenix [80]2 years ago

4 0

Answer: Rs. 11,520

Step-by-step explanation:

As the method of compounding is not stated, the default of simple interest will be used.

Simple interest is a fixed amount that is paid over the course of the loan and is based on the original amount borrowed.

Formula is:

Amount owed = Amount borrowed * ( 1 + rate * time)

= 8,000 * ( 1 + 8% * 5.5 years)

= 8,000 * 1.44

= rs 11,520

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Ramu and ravi borrowed rs 8000​

Ramu and ravi borrowed rs 8000