177k views
21 votes
John borrowed $ from bank for 3 years at a rate of 10%

a) Find the simple interest
b) Find the the total amount paid​

1 Answer

2 votes

Given:

  • P= $12500
  • R= 10%
  • T= 3 years

Note that:

  • P= Principal amount
  • R= Rate of interest
  • T= Time period

To find:

  • The simple interest
  • The total amount paid

Solution:


\large\boxed{Formula: I= (PRT)/(100)}

First, we'll have to multiply, principal amount (12500), rate (10) and time period (3).


12500×10×3


=375000

Now, we'll have to divide the amount (375000) by 100.


(375000)/(100)

I=$3750

Now, we can find the total amount paid.


\large\boxed{A=SI+P}

Let's substitute according to the formula.


A=3750+12500

A=$16250

Therefore, simple interest is $3750 and $16250 was paid in total.

User Deepakssn
by
7.9k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.