Question

Amit borrowed Rs 20000 from his friend at a Simple Interest 15% per annum.At the end of 2 years and 3 months he settled the load after paying Rs. 16000 and a gold Chain.
Find the cost of the gold chain.​​

Answer 1

Step-by-step explanation:

Money borrowed=20,000

Rate=15% p.a.

Interest to be paid after 2¼ years=9/4 years

P×R×T/100

20000×15×9/100×4

200×15×9/4

27000/9

3000

Amount=P+I

20000+3000

23000

Cost of gold chain=Amount-16000

23000-16000

7000

Therefore, the cost of gold chain was 7000