Question

1.The simple interest on a certain sum of money for 2 years at 10% per annum is 1600. Find the amount due and the compound interest on this sum of money at the same
rate after 3 years, interest being reckoned annually.

2. Vikram borrowed 320000 from a bank at 10% per annum simple interest. He lent it
to his friend Venkat at the same rate but compounded annually. Find his gain after
5/2 years.

3. A man borrows 6000 at 5% compound interest. If he repays 1200 at the end of each
year, find the amount outstanding at the beginning of the third year.

4.Mr. Dubey borrows 100000 from State Bank of India at 11% per annum compound
interest. He repays 41000 at the end of first year and 347700 at the end of second
year. Find the amount outstanding at the beginning of the third year.

5. Jaya borrowed 50000 for 2 years. The rates of interest for two successive years are
12% and 15% respectively. She repays 33000 at the end of first year. Find the amount
she must pay at the end of second year to clear her debt.​

Answer 1

1. Given that simple interest = 1600 when n = 2 and r = 10%

i.e. 1600 = P(2)(10)/100

P = 8000 rupees.

Now this 8000 rupees is invested at compound rate for 3 years at 10%

Here it is compounded annually and hence formula would be

P(1+r/100)^3

Hence amount received at the end of 3 years

$=8000(1+\frac{10}{100} )^3=10648$

COmpound interest = 648 and

final amount received = 10648 rupees.

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2. SI=P*R*T/100

SI=320000*10*2/100= 64000

AMOUNT GIVEN TO BANK=320000+64000=384000

AMOUNT TO BE RETURNED BY VENKAT TO VIKRAM:

AMT=P(1+R/100)^N

=320000(1+10/100)^2

=387200

PROFIT MADE BY VIKRAM

=387200-384000

=3200

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3. Interest payable @ the end of the first year @ 5% interest on Rs 6000 =

Amount payable @ the end of the first year = Rs 6000 + Rs 300 = Rs 6300

Amount paid @ the end of the first year = Rs 1200

Therefore, Principal for the second year = Rs 6300 – Rs 1200 = Rs 5100

Interest payable @ the end of the second year @ 5% interest on Rs 5100 =

Amount payable @ the end of the second year = Rs 5100 + Rs 255 = Rs 5355

Amount paid @ the end of the second year = Rs 1200

Therefore, Principal for the third year = Rs 5355 – Rs 1200 = Rs 4155

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4. Amount  at the end of 2nd year=P(1+R/100)^2

=100000(1+11/100)^2

=100000(111/100)^2

=100000 x (111/100) x (111/100)

=123210 rupees

Total amount paid by Mr Dubey =41000+347700

=388700 rupees

amount left to be paid = 123210-388700

=-265490rupees

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5. For 1st year ,

Amount=₹50,000=P, Time=T=1 year and Rate=12% .

Simple Interest obtained=P*R*T/100 =50000*12*1/100 =₹6000.

Amount after one year =₹50000+ ₹6000=₹56000.

Amount paid by jaya at end of first year= ₹56000-₹33000=₹23000.

Rate=15% p.a.=R and time =T=1year .

Amount to be paid at end of second year=₹23000 +₹23000*15*1/100 =₹23000+₹3450=₹26450.

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Answer 2

$75 + 45 = 120$

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