Question
Harish borrowed ₹ 7500 from a bank.
a) Find the amount to be paid at the end of 3 years for ₹ 7500 at 5 % p.a.
b) Harish was only able to pay ₹ 5625. Find out the amount which Harish needs to pay to the bank at the end of the 4th year if the rate of interest remains same.
[4 MARKS]
Answer: Option A
:
Formula: 1 Mark
Steps: 1 Mark
Each answer: 1 Mark
Given,
Harish borrowed ₹ 7500 from a bank.
a) The rate of interest is 5 % p.a.
The principal amount, P = ₹ 7500
Rate of Interest, R = 5 % p.a.
Time, T = 3 years
S.I.=P×R×T100
S.I.=7500×5×3100
S.I.= ₹ 1125
Amount = Principal + Interest
⇒ Amount = 7500 + 1125
Amount = ₹ 8625
Hence, the total amount to be paid at the end of three years is ₹ 8625
b) Now, Harish was able to pay only ₹ 5625.
So, the remaining amount
= ₹ (8625 - 5625) = ₹ 3000
The new principal amount = ₹ 3000
The rate of interest is same = 5 % p.a.
The interest which he has to pay at the end of the fourth year
= 5100×3000 = ₹ 150
So, the amount which Harish has to pay at the end of the fourth year
= 3000 + 150 = ₹ 3150
Was this answer helpful ?
:
Formula: 1 Mark
Steps: 1 Mark
Each answer: 1 Mark
Given,
Harish borrowed ₹ 7500 from a bank.
a) The rate of interest is 5 % p.a.
The principal amount, P = ₹ 7500
Rate of Interest, R = 5 % p.a.
Time, T = 3 years
S.I.=P×R×T100
S.I.=7500×5×3100
S.I.= ₹ 1125
Amount = Principal + Interest
⇒ Amount = 7500 + 1125
Amount = ₹ 8625
Hence, the total amount to be paid at the end of three years is ₹ 8625
b) Now, Harish was able to pay only ₹ 5625.
So, the remaining amount
= ₹ (8625 - 5625) = ₹ 3000
The new principal amount = ₹ 3000
The rate of interest is same = 5 % p.a.
The interest which he has to pay at the end of the fourth year
= 5100×3000 = ₹ 150
So, the amount which Harish has to pay at the end of the fourth year
= 3000 + 150 = ₹ 3150
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