Hassan borrowed 5000 with simple interest for five years. He paid an extra 500 then how much percent he pays per annum?
- 3.5%
- 2%
- 3%
- None of these
Explanation
Hassan borrowed Rs. 5000 for 5 years.
He paid an extra Rs. 500, which means he paid a total of Rs. 5000 (principal) + Rs. 500 (interest) = Rs. 5500.
Since he paid Rs. 500 as interest for 5 years, we can calculate the interest rate per annum (per year) as follows:
Interest = Rs. 500
Time = 5 years
Simple Interest (SI) = (Principal x Rate x Time) / 100
500 = (5000 x Rate x 5) / 100
Now, let's solve for Rate (interest rate per annum):
Rate = (500 x 100) / (5000 x 5)
= 2%
So, Hassan pays 2% interest per annum.
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