Question

Aman borrows Rs 6000 from a bank and has to pay back Rs 8800 after 4 years .What is the rate of interest charged by the bank ?

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Answer 1

Answer:

Let the rate of interest =R%p.a.

In the first 3yrs,

principal =P=Rs7000, Time T=3yrs.

Then the interest =I

1

=

100

PRT

=

100

7000×R×3

=210R.

In the next (5-3)yrs=2yrs,

Pricipal =P=RS(7000−3000)=RS4000, Time =T=2yrs.

Then, the interest=I

2

=

100

PRT

=

100

4000×R×2

=80R.

∴ the total amount returned this time

=Rs(4000+I

1

+I

2

)=Rs5450

⟹4000+210R+80R=5450

⟹29R=1450

⟹R=5p.c.p.a.

So the rate of interest=5% p.a.

Answer verified by Toppr

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