Interest

Solve the question of and select the option from the choices A through D/E. Check your Answer and view the explanation.

At 5% per annum simple interest, Raheel borrowed Rs. 500. What amount will he pay to clear the debt after 4 years

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We need to calculate the total amount to be paid by him after 4 years, So it will be Principal + simple interest.

So,

⇒ 500 + $\frac{500 × 5 × 4}{100}$

⇒ 500 + 100 = 600