Advertisements
Advertisements
Question
Basha borrowed ₹ 8,500 from a bank at a particular rate of simple interest. After 3 years, he paid ₹ 11,050 to settle his debt. At what rate of interest he borrowed the money?
Advertisements
Solution
Let the rate of interest be r% per annum
Here Principal P = ₹ 8,500
Time n = 3 years
Total amount paid = ₹ 11,050
A = P + 1 = ₹ 11,050
i.e. 8,500 + 1 = ₹ 11,050
I = ₹ 11,050 – ₹ 8,500 = ₹ 2,550
Also we know that I = `"Pnr"/100` = ₹ 2,550
`(8,500 xx 3 xx "r")/100` = ₹ 2,550
r = `(2550 xx 100)/(8500 xx 3)`
r = 10%
Rate of interest r = 10%
APPEARS IN
RELATED QUESTIONS
Find the amount to be paid at the end of 3 years in given case:
Principal = ₹ 1,200 at 12% p.a.
Find the amount to be paid at the end of 3 years in given case:
Principal = ₹ 7,500 at 5% p.a.
Kisanrao wanted to make a pond in his field. He borrowed rupees 35250 from a bank at an interest rate of 6 p.c.p.a. How much interest will he have to pay to the bank at the end of the year?
Vinita deposited Rs. 15000 in a bank for one year at an interest rate of 7 p.c. p.a. How much interest will she get at the end of the year?
In What time will ₹ 16,500 amount to ₹ 22,935 at 13% per annum?
A principal becomes ₹ 17,000 at the rate of 12% in 3 years. Find the principal.
In how much time will the simple interest on ₹ 3,000 at the rate of 8% per annum be the same as simple interest on ₹ 4,000 at 12% per annum for 4 years?
Arun lent ₹ 5,000 to Balaji for 2 years and ₹ 3,000 to Charles for 4 years on simple interest at the same rate of interest and received ₹ 2,200 in all from both of them as interest. Find the rate of interest per year
Amount received on ₹ 3000 for 2 years at the rate of 11% per annum is ______.
The ______ of interest on a sum of ₹ 2000 at the rate of 6% per annum for `1 1/2` years and 2 years is ₹ 420.
