At simple interest Gaurav borrows â‚¹1,500 from Sandeep at the rate of 14% per annum. What amount of money should Gaurav pay to Sandeep after 1 year to clear the debt?

₹1,710

We know ,

Simple Interest = \(\frac{Principal ×Rate × Time }{100}\)

= \(\frac{1500 ×14 × 1 }{100}\)

= 210

Amount paid to Sandeep by Gaurav = 1500 + 210 = 1710