9. A man took a loan of 6 lakh from his friend at the simple interest rate of 9% per annum.
At the end of 3 years, he cleared his debt by paying 3 lakh and giving his flat to his friend.
What was the price of the flat?
Answers
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Rs. 462000.
Step-by-step explanation:
The man took a loan from his friend, P = Rs 600000
The rate of interest, R = 9% p.a.
Time period, T = 3 years
Required Formula:
Simple Interest, S.I. = \frac{P*R*T}{100}
100
P∗R∗T
Amount, A = P + I
Substituting the given values in the formula
S.I. = \frac{600000 * 9 * 3}{100}
100
600000∗9∗3
= Rs. 162000
∴ Amount = 600000 + 162000 = Rs. 762000
Also given that, the man cleared his debt by paying Rs. 3 lakh at the end of 3 years
Thus,
The price of the flat will be,
= 762000 - 300000
= Rs. 462000
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