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

a) The simple interest is $126.

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

Step-by-step 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 = (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 = (PRT)/(100)}}`

`\longrightarrow{\sf{S.I = (P * R * T)/(100)}}`

`\longrightarrow{\sf{S.I = (1400 * 3 * 3)/(100)}}`

`\longrightarrow{\sf{S.I = \frac{14 \cancel{00}* 3 * 3}{1 \cancel{00}}}}`

`\longrightarrow{\sf{S.I = 14 * 3 * 3}}`

`\longrightarrow{\sf{S.I = 42 * 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}`