Question

A Man borrowed Rs 500 for 3 years at the rate of 5% find his interest and amount​

Answer 1

1. Total amount = $575.00
2. I = PRT/100 = $75.00
3. Equation:

Total amount = interest + principle

Explanation:

Formula:- I = PRT/100

Where,

• I is interest
• P is principle
• R is rate
• T is time

⇒ I = 500×5×3/100

⇒ I = 7500/100

⇒ I = 75

Interest is $75.00

The total amount accrued, principal plus interest, from simple interest on a principal of $500.00 at a rate of 5% per year for 3 years is $575.00.