Question

2. A sum of Rs.10000 was borrowed on March 1st
and repaid on July 25th of the same year at an
interest rate of 5.5%. What was the interest
paid? (2)

Answer 1

Answer:

221.5 ₹

Step-by-step explanation:

1st March to 25th July (n)= 147 days  

borrowed amount (p) =  ₹10,000

rate of interest (r) =  5.5%

formula :

 I =p*n *r/100

Interest= 10000* 147/365* 5.5/100

              = 221.5 ₹

Answer 2

Principal (P) = Rs. 10000

Rate (r) = 5.5%

Time (t) = 1st March to 25th July = 31 + 30 + 31 + 30 + 25 = 147 days

So, time in years = $\sf \frac{147}{365}$

Interest paid = $\sf \frac{p \times t \times r}{100}$

$\sf ⇒\frac{10000 \times 5.5 \times \frac{147}{365} }{100}$

$\sf ⇒ \frac{10000 \times 5.5 \times 147}{100 \times 365}$

$\sf ⇒ \frac{8085000}{36500}$

$\sf ⇒Rs. 221.5$