Question

An amount of ₹ 24,000 was borrowed at 6% per annum. The loan was cleared after 2 years and 5 months by paying ₹ 10,000and a gold chain .what is the value of gold chain .​

Answer 1

SOLUTION

GIVEN

• An amount of ₹ 24,000 was borrowed at 6% per annum.

• The loan was cleared after 2 years and 5 months by paying ₹ 10,000and a gold chain

TO DETERMINE

The value of gold chain

EVALUATION

Here it is given that an amount of ₹ 24,000 was borrowed at 6% per annum and the loan was cleared after 2 years and 5 months

Therefore

Principal = P = ₹ 24000

Rate of interest = r % = 6 %

Time = T

= 2 years 5 months

= 29 months

$\displaystyle \sf{ = \frac{29}{12} \: \: years}$

Interest = I = ?

We know in case of Simple interest

$\displaystyle \sf{I = \frac{PRT}{100} }$

$\displaystyle \sf{ \implies \: I = \frac{24000 \times 6 \times 29}{100 \times 12} }$

$\displaystyle \sf{ \implies \: I = 3480 }$

Total amount payable after 2 years and 5 months

= ₹ ( 24000 + 3480 )

= ₹ 27480

Now the loan was cleared after 2 years and 5 months by paying ₹ 10,000and a gold chain

Hence the value of the gold chain

= ₹ ( 27480 - 10000 )

= ₹ 17480

FINAL ANSWER

Hence the value of the gold chain = ₹ 17480

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