Maria borrowed Rs 1400at the rate of 6% (p.a.)for 8 years and 5 months .Find the amount she paid back?
2231.387
To find the amount Maria paid back, we need to calculate the total amount payable. The formula to calculate the total amount payable is:
Total Amount Payable = Principal + Interest
Where
Principal = Rs 1400 (the amount borrowed)
Interest = Principal × Rate × Time
Rate = 6% per annum = 6/100 = 0.06
Time = 8 years + 5 months = 8 + (5/12) years
First, let's calculate the interest:
Interest = Principal × Rate × Time
= 1400 × 0.06 × (8+5/12)
To calculate the amount payable, we add the interest to the principal:
Total Amount Payable = Principal + Interest
Now let's plug in the values and calculate:
Interest = 1400 × 0.06 × (8+5/12)
Total Amount Payable = 1400 + Interest
To calculate the interest, multiply 1400 by 0.06 and multiply the result by 8+5/12.
Lastly, add the Principal and Interest to get the Total Amount Payable.
Amount = principal(1 + i)^n
your principal is 1400
i = .06
n = 8 + 5/12 = 101/12
you will definitely need a calculator, what answer did you get ?