A man borrowed Rs.8500 from a money lender at an interest rate of 20% per
annum. After sometime he paid back Rs.13600. Find the time.
Answers
The time in which the man paid back Rs. 13,600 is 3 years.
• Given,
Amount of money borrowed by a man = Rs. 8,500
=> Principal = Rs. 8,500
Rate of interest = 20 % p.a.
Amount paid back = Rs. 13,600
Time = ?
• Simple interest on the principal amount (S.I.) = Final amount - Principal amount
=> S.I. = Rs. 13600 - Rs. 8500
=> S.I. = Rs. 5100
• The formula for simple interest is given as :
S.I. = (Principal × Rate per annum × Time in years) / 100
=> Rs. 5100 = (Rs. 8500 × 20 × Time in years) / 100
=> Rs. 5100 = Rs. 85 × 20 × Time in years [8500 / 100 = 85]
=> Time in years = Rs. 5100 / (Rs. 85 × 20)
=> Time in years = 3
∴ The man paid back the money in 3 years.
Answer:
Principal Rs 8500
Rate = 20 % per annum. A
Amount= Rs13600
Required = time period
SI = 13600 - 8500 = Rs5100
SI = PRT/100
=> 5100 = 8500*20*T/100
=> T = 5100/1700 = 3 years
The amount is paid in 3 years.
Thus, time is 3 years.