Multiple choice

Sita owes Rs. $38,000$ in student loans. The interest rate on her loans is $14.5\%$. She will be paying these loans off for $10$ years. How much will she pay altogether?

  1. $38000$
  2. $64000$
  3. $81000$
  4. $93100$
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The total amount paid is the principal plus the total interest. Simple interest = P * R * T / 100 = 38000 * 14.5 * 10 / 100 = 3800 * 14.5 = 55100. Total amount = 38000 + 55100 = 93100.

AI explanation

Using the simple interest formula of principal multiplied by rate multiplied by time divided by 100, the interest is calculated as Rs. 38000 multiplied by 14.5 multiplied by 10 and divided by 100, which gives Rs. 55100. Adding this interest to the original loan principal of Rs. 38000 gives a total payment of Rs. 93100. The result is 93100.

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