Question

A farmer
borrowed Rs. 15,000 from a trader
at 15% Rate of interest. Later when he gave
the trader Rs. 21,000 to settle the loan, the
trader gave him Rs. 375 back. The period of
time was
1. 2y. 6 m
2. 2 y. 8 m
3. 2 y.9 m.
4.2 y. 5 m.

​

Answer 1

Answer:

1. 2y. 6m.

Step-by-step explanation:

Given that

P = Rs.15000

SI = Total amount paid back - Principal

= 21000 - 15000 = Rs. 6000

R = 15%

T = ?

So, we know that

SI = P × R × T

6000 = 15000 × 15 × T

100

T = 6000 × 100

15000 × 15

T = 600/225

T = 8/3

T = 2.6

So, T = 2y. 6m.