borrowed ₹1,400 at the rate of \( 6 \%(p . a) \) years and 5 months. It Find the amount she paid back.
Real Tutor Solution
Answer
Solution
Sign in to Unlock Answers for Free!
A Learning Platform Trusted by Millions of Real Students and Teachers.
Reviewed and approved by the UpStudy tutoring team
Bonus Knowledge
To calculate the amount paid back after borrowing ₹1,400 at an interest rate of 6% per annum for 5 months, you first need to determine the total interest. Since the time is given in months, convert it into years: \(5 \, \text{months} = \frac{5}{12} \, \text{years}\). Now, calculate the interest using the formula: \[ \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} \] \[ \text{Interest} = 1400 \times 0.06 \times \frac{5}{12} = 35 \] The total amount paid back will be the principal plus the interest: \[ \text{Total Amount} = \text{Principal} + \text{Interest} = 1400 + 35 = ₹1,435 \] So, she paid back ₹1,435.