Question

A borrowed Rs 500 at the rate of 5% annum and Rs 1000 at the rate of 4% per annum interest from B on the same day under conditions that the loan and interest will be paid amount in both cases together will be Rs 2020.how many years will it take to repay the loan?​

Answer 1

Answer:

Principal = Rs.5000

I = Rs.1000.

N = 4 years

To find R:

R=100IPN=100×10005000×4

=10020 = 5%

Answer 2

Given:

A borrowed Rs.500 at the rate of 5% annum and Rs.1000 at the rate of 4% per annum.

B on the same day under conditions that the loan and interest will be paid amount in both cases together will be Rs.2020.

To Find:

the period it will take to repay the loan.

Solution:

A borrowed Rs.500 at the rate of 5% and then borrowed Rs.1000 at the rate of 4% per annum, on the same day from B .

So, the amount paid back to B by A is

The principal amount to be paid = 1500

Interest = Rs.1000

The time to repay the loan can be found using simple interest formula

                                     SI = P× r× t/100

Where, P = principal amount, r = rat of interest, t = term of the loan

This means that we are multiplying the principal amount with the rate of interest and the tenure of the loan in years.

                      Now, substituting the values

                                        1000 = 500 × $\frac{5}{100}$ × t/100

                        Then simplifying the given values to find the time.

                                             = 2.5 years

Therefore, it will take 2.5 years to repay the loan.