Question

3. Reena took 7000 loan from a bank. She
pays back 5000 at the end of 3 years and
the remaining amount after 5 years. Rate of
interest is 6% per annum. Calculate:
(i) The amount after 3 years.
(ii) Her remaining loan amount at the end
of 3 years.
(iii) Interest she pays for the last two years.
(iv) Amount she pays at the end of 5 years.
(v) Total interest she pays.
(vi) If she wanted to pay after 5 years how
much more would she have to pay to
clear off the debt?​

Answer 1

1. The amount after 3 years is Rs. 8260
2. Her remaining loan amount at the end of 3 years is Rs. 2360
3. The remaining interest of the last 2 years is Rs. 840
4. Amount she pays at the end of 5 years is Rs. 9100
5. The total interest she pays is Rs. 2100
6. If she wants to pay after 5 years she needs to pay Rs. 4100 to clear off the debt.

Given:

Principle amount (P)=7000

Rate of interest (r)=10%

After 3 years, she pays back 5000

To find:

(i) The amount after 3 years.

(ii) Her remaining loan amount at the end

of 3 years.

(iii) Interest she pays for the last two years.

(iv) Amount she pays at the end of 5 years.

(v) Total interest she pays.

(vi) If she wanted to pay after 5 years how

much more would she have to pay to

clear off the debt?​

Solution:

i) S.I. after 3 years = P×R×T/100

=7000x6×3/100

=Rs. 1260

The amount payable after 3 years by Reena=7000+1260

=Rs. 8260

ii) After paying 5000 the amount she has to pay back=8260-5000

=Rs. 3260

iii) SI for the last two years=SI for 5 years-SI for 3 years

SI for 5 years=P×R×T/100

=7000×6x5/100

=2100

The remaining interest for the last 2 years=2100-1260

=Rs. 840

iv) SI for 5 years is Rs. 2100

Total amount to be paid at the end of 5 years= 7000+2100

=Rs. 9100

v) The total interest to be paid after 3 years is= Rs. 1260

The total interest to be paid after 5 years is= Rs. 2100

vi) Since Reena paid 5000, her remaining amount to be paid at the end of 5 years=9100-5000

=Rs. 4100

#SPJ1