Question

A sum of rs 10 is given as a loan to be returned in 6 monthly instalment rs.3

Answer 1

If he pays a total interest of Rs. 11,400 at the end of nine years, how much money ... annum is Rs. 40 less than the simple interest on the same sum for 31⁄2 years at 10% per annum.

Answer 2

Given : sum = Rs. 10

installment = Rs. 3

To find : Rate of interest

Solution :

Amount borrowed  = rs. 10

interest for 6 months = $10\times\frac{1}{2} \times \frac{r}{100}= \frac{r}{20}$

number of installments = 6 months

amount of installment = rs 3

interest by the way of installment = $3 \times \frac{6\times 5}{2\times 12} \times \frac{r}{100}= \frac{3r}{80}$

amount be equal =

$10 + \frac{r}{20}= 18+ \frac{3r}{20}$

r = 640

i.e rate of interest is 640%

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