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Find the amount to be paid back on a loan of Rs. 10,000 at 15% per annum on simple interest for 3 years.
1. Rs. 15,500
2. Rs. 14,000
3. Rs. 15,000
4. Rs. 14,500

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Correct Answer - Option 4 : Rs. 14,500

Given:

Principal (P) = Rs. 10,000

Rate (R) = 15%

Time (T) = 3 years.

Formula Used:

S.I. = (P × R × T)/100

A = P + S.I.

Where,

S.I. → Simple Interest

P → Principal

R → Rate 

T → Time 

A → Amount

Calculations:

According to the question,

S.I. = (10000 × 15 × 3)/100

⇒ S.I. = 100 × 15 × 3 = Rs. 4,500

So, Amount = P + S.I.

⇒ Amount = 10000 + 4500 = Rs. 14,500

∴ The amount to be paid back is Rs. 14,500.

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