Question

Anita had borrowed Rs 9000 at 11% interest p.a. Calculate the amount of interest he will have to pay at the end of 3 years​

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.

Step-by-step explanation:

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Answer 2

Given:

Principal = Rs. 9000

Rate = 11 %p.a.

Time = 3 years

To find:

The total amount

Solution:

Using the formula of simple interest -

SI  = P × R × T/100

Substituting the values -

SI = 9000 × 11 × 3/100

= 90 × 33

= 2970

Calculating the amount -

Amount  = SI + P

2970 + 9000

= 11970

Answer: The total Amount is Rs. 11,970