Hafiz borrows 7000 for 100 days at 9% per annum simple interest. what is the amount at the end of 100 days?

simple-interest

#1

hafiz borrows 7000 for 100 days at 9% per annum simple interest. what is the amount at the end of 100 days? how much is the interest charged?

Answer:

Simple Interest = PTR/100;
P= Principle amount =7000;
T= Time in years =0.27397 years (100 days);
R= interest rate per annum = 9%;
SI= 70000.273979/100= 172.60 (This is the interest per 100 days);
The amount at the 100 days is = P+SI = 7000+172.60 = 7172.60

[Remember: SI = PTR, If you take R= 9% = 9/100]