A man took a loan of rs 6 lakh from his friend a the simple interest rate of 9% per annum. at the end of 3years he cleared his debt by paying rs 3 lakh and giving his flat to his friend. hat was the price o the flat?
Answers
The price of the flat will be 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. =
- Amount, A = P + I
Substituting the given values in the formula
S.I. = = 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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The price of the flat is Rs 462000
Principal amount (P) = Loan taken = Rs 600000
Rate (R) = 9% p.a.
Time (T) = 3 years.
Simple Interest (SI) = PRT/100
= (600000×9×3)/100
= Rs 162000
So, total amount he has to pay = P + SI
= Rs (600000+162000)
= Rs 762000
He pays the debt with Rs 762000 and flat.
So, flat cost = A - Rs 300000
= Rs 762000 - Rs 300000
= Rs 462000
This is the cost of flat.