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Mr. Ali borrows RS. 500 from bank for a period of 4 years. If interest rate is 11% per anum, what would be the amount of interest he has to pay back in addition to the principal amount?
  1. Rs. 190
  2. Rs. 220
  3. Rs. 200
  4. Rs. 210
Explanation

To calculate the interest, you can use the formula:

Interest = Principal × Rate × Time

In this case:

Principal (P) = Rs. 500

Rate (R) = 11% per annum = 0.11

Time (T) = 4 years

Interest = 500 × 0.11 × 4 = Rs. 220

So, Mr. Ali has to pay back the principal amount of Rs. 500 plus the interest of Rs. 220, making a total of Rs. 720.

The correct answer is: Rs. 220

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