A sum of Rs 10,000 is borrowed at a rate of interest 15% per annum for 2 years. Find the simple interest on this sum and the amount to be paid at the end of 2 years.

Solution: Amount to be paid=principal amount+Simple interest
Simple interest=$\frac{P\times R\times T}{100}$ where P is the principal amount ,T is time and R is the rate of the interest.
Simple interest=$\frac{10,000\times 15\times 2}{100}=3000$
Amount to be paid=$10,000+3000=Rs.13000$