Pratibha borrows Rs. 47000 from a finance company to buy her first car. The rate of simple interest is 17% and she borrows the money over a 5 years period. Find how much amount Pratibha should repay the finance company at the end of five years.

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Rs.86950

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Rs.76950

Rs.66950

answer is A.

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Detailed Solution

Concept- The query is based on the idea of straightforward interest. Here, the principal amount will be the amount borrowed, the interest rate will be 17%, and the time period will be 5 years. Here, we'll apply the basic interest formula.
The simple interest (I) with these parameters is provided by the formula: If "P" stands for the principal amount, "T" for the amount of time, and "R" for the rate of interest, then we get the simple interest (I) .

And the repay amount is the sum of principal amount and simple interest.
Repay amount

Given,
Pratibha borrows Rs47000 form finance company to buy her first car
so the principal will be

simple interest

time for which money is borrowed

years
Simple Interest

The amount of money Pratibha will repay the finance company at the end of five years will be

Hence, the correct answer is option 1.

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