Question

Ashish borrowed a sum of money from a nationalised bank at 12% simple interest per annum and the same amount at 10% simple interest per annum for the same period. He cleared the first loan 6 months before the scheduled date of repayment and repaid the second loan just at the end of scheduled period. If in each case he had to pay rs 3250 as amount then how much and for what time did he borrow?​

Answer 1

Answer:

He borrowed it for the investment after when ho got progress in it he paid his load back to the bank

Answer 2

Answer:

Principal amount borrowed at the beginning was rs 2500 for 3 years.

Explanation:

What is Simple Interest ?

Simple interest is a quick and simple formula for figuring out how much interest will be charged on a loan. The daily interest rate, the principle, and the number of days between payments are multiplied to calculate simple interest.

Simple interest is calculated by multiplying the principal by the time, interest rate, and time period. "Simple Interest = Principal x Interest Rate x Time" is the written formula. The simplest method for computing interest is using this equation.

The Principal borrowed from bank be rs x (say).

The time period of the loan is y ( in years)

For the first Loan it was cleared 6 months(.5 years) early with interest 12%.

∴ Simple Interest  = $\frac{x*12*(y-.5)}{100}$

Amount paid = $x +$ $\frac{x*12*(y-.5)}{100}$ = 3250

For the second loan it was cleared in the given time with interest 10%

∴ Simple Interest  = $\frac{x*10*y}{100}$

Amount paid =  $x +$ $\frac{x*10*y}{100}$ = 3250

After equating,

$x +$ $\frac{x*12*(y-.5)}{100}$ = $x +$ $\frac{x*10*y}{100}$

⇒ $y = 3$

∴  $x +$ $\frac{x*10*y}{100}$ = 3250

⇒ $x + \frac{x*10*3}{100} = 3250$

⇒ $x = 2500$

Principal borrowed at the beginning was rs 2500 for 3 years.

To learn more about simple Interest refer to :

https://brainly.in/question/33214946?referrer=searchResults

https://brainly.in/question/5674303

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