Advertisements
Advertisements
Question
Ramesh borrowed Rs 12,000 at 15% compound interest for 2 years. At the end of the first year he returned some amount and on paying Rs 9,200 at the end of the second year, he cleared the loan. Calculate the amount of money Ramesh returned at the end of the first year.
Advertisements
Solution
Interest for first year:
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `(12000 xx 15 xx 1)/100`
S.l. = 1800
Principal amount for second year = Rs ( 12,000 + 1800) = Rs 13,800
Ramesh paid =Rs x (say)
Therefore, new principal = Rs 13,800 - x
A=Rs 9 200 ; r = 15 % ; n = 1 year
`"A" = "P" (1 + "r"/100)^"n"`
Rs 9,200 = Rs (13,800 - x)`(1 + 15/100)`
Rs 9 ,200 = Rs (13, 800- x) × 1.15
Rs 9,200 = Rs 15, 870 - Rs 1.15 x
1.15 x = Rs (15870 - 9,200)
`"x" = "Rs" 6670/1.15`
x = Rs 5, 800
Therefore, Amount Ramesh paid at the end of first year = Rs 5,800
APPEARS IN
RELATED QUESTIONS
Amita wanted to start a business for which she needed Rs, 40000. She borrowed this from Dolly at 10% p.a compounded semi-annually. Find the extra amount that she needs to pay at the end of two years to clear her debt.
Calculate the amount and cornpound interest for the following, when cornpounded annually:
Rs 8,000 for `1 1/2` years at 12 % p.a.
What sum of money will amount to Rs 10,256.40 in 3 years at compound interest if the rates of interest for the successive years are 10%, 11% and 12%?
On what sum of money will the compound interest for `2 1/2` years at `12 1/2`% per annum amount to Rs 82,734.37?
On what sum of money will the compound interest for `1 1/2` years at 16% p.a. compounded half-yearly amount to Rs 649.28?
Calculate the rate per cent at which Rs 12,250 will yield Rs 3,116.40 as compound interest in 2 years.
Calculate the rate percent at which Rs 15,000 will yield Rs 8,413.44 as compound interest in 3 years.
In what time will Rs 8,000 amount to Rs 12,167 at 15% per annum compounded annually?
A sum of money placed at compound interest compounded annually amounts to Rs 31,360 in 2 years and to Rs 35,123.20 in 3 years. Calculate the rate of interest and the sum.
The population of a city is 1,25,000. If the annual birth rate and death rate are 5.5% and 3.5% respectively. Calculate the population of the city after 3 years.
