Question 1123837: A man borrowed ₹18,000 from his friend at 7% per annum simple interest. He returned the money after 3 years 6 months. How much money did he pay back altogether?
Found 2 solutions by Theo, MathTherapy:
Answer by Theo(13342)   (Show Source):
You can put this solution on YOUR website! he borrowed 18,000.
the interest rate was 7% per year simple interest for 3 years and 6 months.
that's 3.5 years.
the simple interest formula is i = p * r * n
i is the interest
p is the principal
r is the interest rate per time period
n is the number of time periods.
your time periods are in years.
in your problem, this formula becomes i = 18,000 * .07 * 3.5 = 4,410.
he will have to pay back 18,000 + 4,410 = 22,410 at the end of the 3.5 year loan period.
with simple interest, it doesn't matter whether your time periods are in years, months, weeks, or days.
the total interest would be the same.
for example, if your time periods were in momths, then.
n would be equal to 3.5 * 12 = 42 months.
r would be equal to .07 / 12
the formula would become i = 18,000 * .07 / 12 * 42 = 4,410.
Answer by MathTherapy(10552)  (Show Source):
You can put this solution on YOUR website!
A man borrowed ₹18,000 from his friend at 7% per annum simple interest. He returned the money after 3 years 6 months. How much money did he pay back altogether?
Formula for SIMPLE INTEREST accumulated value: A = P(1 + TR)
In this case, we get: A = 18,000[1 + 3.5(.07)], which = 
That's all!!
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