a man took a loan of rupees 6 lakh rupees from his friend at a simple interest rate of 9% per annum at the end of year he cleared his debt by paying 3 lakh and giving his flat to his friend what was the price of the flat?
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Answer:
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. = p*t*r /100
Amount, A = P + I
Substituting the given values in the formula
S.I. = 600000*9*3 /100 = 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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