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Question
Jethalal took a housing loan of 2,50,000 rupees from a bank at 10 p.c.p.a. for 5 years. What is the yearly interest he must pay and the total amount he returns to the bank?
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Solution
Given:
Principal (P) = 2,50,000 rupees,
Rate of interest (R) = 10%
Time (T) = 5 years
Formula:
Total interest (I) = `("P"xx"R"xx"T")/100`
Solution:
I = `(2,50,000xx10xx5)/100`
= 1,25,000 rupees
∴ yearly interest = `(1,25,000)/5`
= 25,000
Now, total amount to be returned
= P + I
= 2,50,000 + 1,25,000
= 3,75,000 rupees
∴ The yearly interest is Rs. 25,000 and he will return 3,75,000 to the bank.
RELATED QUESTIONS
A page from the savings bank account of Mrs Ravi is given below.
| Date | Particulars | Withdrawal (Rs.) |
Deposit (Rs.) | Balance (Rs.) |
| April 3rd 2006 | B/F | 6000 | ||
| April 7th | By cash | 2300 | 8300 | |
| April 15th | By cheque | 3500 | 11800 | |
| May 20th | To self | 4200 | 7600 | |
| June 10th | By cash | 5800 | 13400 | |
| June 15th | To self | 3100 | 10300 | |
| August 13th | By cheque | 1000 | 11300 | |
| August 25th | To self | 7400 | 3900 | |
| September 6th 2006 |
By cash | 2000 | 5900 |
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at the end of 30th September 2006 at 4.5% per annum interest. Hence, find the
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A page from the ‘Savings Bank’ account of Priyanka is given below:
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Amount (Rs.) |
Amount deposited (Rs.) |
Balance (Rs.) |
| 03/04/2006 | B/F | 4000.00 | ||
| 05/04/2006 | By cash | 2000.00 | 6000.00 | |
| 18/04/2006 | By cheque | 6000.00 | 12000.00 | |
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| 30/05/2006 | By cash | 3000.00 | 10000.00 | |
| 20/07/2006 | By self | 4000.00 | 6000.00 | |
| 10/09/2006 | By cash | 2000.00 | 8000.00 | |
| 19/09/2006 | To cheque | 1000.00 | 7000.00 |
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Make the entries in his passbook
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Fill in the blanks in the table.
| Principal | Rate of interest (p.c.p.a.) | Time | Interest | Amount |
| ...... | 5% | ...... | 6000 | 18000 |
