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Akhil borrowed a sum of Rs. 800 at 5% per annum simple interest from Bhanu. He returns the amount with interest after 2 years. Bhanu returns to Akhil 2% of the total amount returned. How much did Akhil receive?

Akhil borrowed a sum of Rs. 800 at 5% per annum simple interest from Bhanu. He returns the amount with interest after 2 years. Bhanu returns to Akhil 2% of the total amount returned. How much did Akhil receive? Correct Answer Rs. 17.6

We know the formula for calculating Simple Interest and amount.

SI = (P × r × t)/100

A = P + SI

Where,

SI = Simple Interest

P = Principal

r = Rate of interest (in percentage)

t = Time period

A = Amount

It is given,

P = Rs. 800

r = 5%

t = 2 years

SI = (800 × 5 × 2)/100

⇒ SI = Rs. 80

⇒ Amount returned to Bhanu = 800 + 80 = Rs. 880

Amount returned back by Bhanu to Akhil = 2% of 880 = (2/100) × 880 = Rs. 17.6

∴ Amount Akhil received = Rs. 17.6

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