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?
- 76200
- 16200
- 70200
- 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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