Question

24. Miya took a loan of Rs 5100 at 4 % of simple interest for 4months.Find the interest and the amount Miya has to pay at the end of 4 months.​

Answer 1

Answer:

If an amount of money, P , the principal, is invested for a period of t years at an annual interest rate r, the amount of interest, I , earned is

If an amount of money, P , the principal, is invested for a period of t years at an annual interest rate r, the amount of interest, I , earned isI=Prt

If an amount of money, P , the principal, is invested for a period of t years at an annual interest rate r, the amount of interest, I , earned isI=Prt

If an amount of money, P , the principal, is invested for a period of t years at an annual interest rate r, the amount of interest, I , earned isI=Prt where

If an amount of money, P , the principal, is invested for a period of t years at an annual interest rate r, the amount of interest, I , earned isI=Prt whereI = interest

If an amount of money, P , the principal, is invested for a period of t years at an annual interest rate r, the amount of interest, I , earned isI=Prt whereI = interestP = principal

If an amount of money, P , the principal, is invested for a period of t years at an annual interest rate r, the amount of interest, I , earned isI=Prt whereI = interestP = principalr = rate

If an amount of money, P , the principal, is invested for a period of t years at an annual interest rate r, the amount of interest, I , earned isI=Prt whereI = interestP = principalr = ratet = time

If an amount of money, P , the principal, is invested for a period of t years at an annual interest rate r, the amount of interest, I , earned isI=Prt whereI = interestP = principalr = ratet = timeInterest earned according to this formula is called simple interest.

Answer 2

Answer:

Given:

Rate of interest = 4%

Rate of interest increases by 0.5 subsequent year

Payable amount = Rs. 5309

Formula used:

Interest = PTR/100

where P = Principal or the sum lent, R = Rate of interest, T = Time duration and I = Simple interest

Calculation:

Let the loan be Rs. x

Interest for 1st year = 4%

Interest for 2nd year = 4.5%

Interest for 3rd year = 5%

Interest for 4th year = 5.5%

Now,

(x × 4 × 1)/100 + (x × 4.5 × 1)/100 + (x × 5 × 1)/100 + (x × 5.5 × 1)/100 = 5309

⇒ x × (4 + 4.5 + 5 + 5.5)/100 = 5309

⇒ x × (19/100) = 5309

⇒ x = 5309 × (100/19)

⇒ x = Rs. 27942.10

∴ The loan was Rs. 27942.

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