Question

Pankaj borrows rupees 57,000 to buy a used car and is charged the rate of interest 6% per annum. if the term of his borrowing is 4 years, how much interest does he pay?​

Answer 1

Rs.13680 is the answer.

Step-by-step explanation:-

Given-

•Principal (P) = Rs.57,000

•Rate (r%) = 6%

`→ (6)/(100)`

`→ 0.06`

•Time (n) = 4 years

Applying Interest formula,

`→In=P * R * T`

`→57,000 * 0.06 * 4`

`→Rs.13680`

Hence, the interest is Rs.13680