Question

A man borrowed money at a bank $1400 at the rate o 3% for 3 years. a) Find the simple interest b) Find th total money repaid after 3 years?
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Answer 1

Answer:

a) The simple interest is $126.

b) The total money repaid after 3 years is $1526.

Step-by-step explanation:

A man borrowed money at a bank $1400 at the rate o 3% for 3 years.

a) Find the simple interest

$\longrightarrow{\sf{\red{S.I = \dfrac{PRT}{100}}}}$

• → S.I = Simple Interest
• → P = Principal
• → R = Rate
• → T = Time

Substituting all the given values in the formula to find the Simple Interest :

$\longrightarrow{\sf{S.I = \dfrac{PRT}{100}}}$

$\longrightarrow{\sf{S.I = \dfrac{P \times R \times T}{100}}}$

$\longrightarrow{\sf{S.I = \dfrac{1400 \times 3 \times 3}{100}}}$

$\longrightarrow{\sf{S.I = \dfrac{14 \cancel{00}\times 3 \times 3}{1 \cancel{00}}}}$

$\longrightarrow{\sf{S.I = 14 \times 3 \times 3}}$

$\longrightarrow{\sf{S.I = 42 \times 3}}$

$\longrightarrow{\sf{S.I = 126}}$

$\star{\underline{\boxed{\pmb{\sf{S.I = \ 126}}}}}$

Hence, the simple interest is $126.

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b) Find the total money repaid after 3 years

$\dashrightarrow{\sf{\pink{A = P + S.I }}}$

• → A = Amount
• → P = Principal
• → S.I = Simple Interest

Substituting all the given values in the formula to find the Amount :

$\dashrightarrow{\sf{A = P + S.I }}$

$\dashrightarrow{\sf{A = 1400 + 126 }}$

$\dashrightarrow{\sf{A = 1526}}$

$\star{\underline{\boxed{\pmb{\sf{A = \ 1526}}}}}$

Hence, the total money repaid after 3 years is $1526.

$\rule{300}{2.5}$