A man lent * 1500 for 3 years and 1000 for 4 years at the same rate per cent. He received a total interest of 425. Find the rate per cent. Find the amount after 7 years at the same rate of interest.
Answers
Answer:
Rate of Interest = 5%
The Amount after 7 years at the same rate of interest = ₹3375
Step by step explanation:
Let Rate of interest R = R
Case 1:
Principal P = ₹1500
Time T = 3 years
Interest = (P x R x T)/100
= (1500 x R x 3)/100
= 45R
Case 2:
Principal P = ₹1000
Time T = 4 years
Interest = (P x R x T)/100
=(1000 x R x 4)/100
= 40R
According to Question:
Total Interest Received by the man = ₹425
=> 45R + 40R = ₹425
=> 85R = ₹425
=> R = 425 ÷ 85
=> R = 5%
To Find Amount:
Case 1:
Principal P = ₹1500
Time T = 7 years
Rate of Interest R = 5%
Interest¹ = (P x R x T)/100
= (1500 x 5 x 7)/100
= ₹525
Amount¹ = Principal + Interest¹
= ₹1500 + ₹525
= ₹2025
Case 2:
Principal P = ₹1000
Time T = 7 years
Rate of Interest R = 5%
Interest²= (P x R x T)/100
= (1000 x 5 x 7)/100
= ₹350
Amount² = Principal + Interest²
= ₹1000 + ₹350
= ₹1350
Therefore,
Total amount after 7 years = amount¹ + amount²
= ₹2025 + ₹1350
= ₹3375