Question

Ramu and ravi borrowed rs 8000​

Answer 1

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