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A man is leading 60,000 at simple interest at the rate of 9% per year. What is the principle mount and interest he repaid after 3 years?
  1. 76200
  2. 16200
  3. 70200
  4. None of these
Explanation

I=P×R×T

Principal amount (P) = 60,000

Rate of interest (R) = 9% per year

Time (T) = 3 years

Simple interest (SI) = (P x R x T) / 100

= (60,000 x 9 x 3) / 100

= 16,200

The total amount he repaid after 3 years is:

Principal + Interest = 60,000 + 16,200 = 76,200

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