Question

Find the number of years to get ₹ 1,530 as interest on a loan of ₹ 1,500 at 4% per annum.​

Answer 1

Answer:

• The time in which ₹1500 will amount to ₹1530 at a rate of 4% per annum is 1/2 years.

Step-by-step explanation:

Given that:

• Amount = ₹1530
• Principal = ₹1500
• Rate = 4% per annum

To Find:

• Time.

Let us assume:

• The required time be x.

Finding Simple Interest:

As we know that:

• Simple Interest = Amount - Principal

Substituting the values,

Simple Interest = ₹(1530 - 1500)

= ₹30

Finding time:

As we know that:

$\sf{\circ\;SI=\dfrac{P\times R\times T}{100}}$

Where,

• P = Principal
• R = Rate
• T = Time

Substituting the values,

$\rm{\longmapsto30=\dfrac{1500\times 4\times x}{100}}$

Cutting off the zeros,

$\rm{\longmapsto30=\dfrac{15\!\!\!\not{0}\!\!\!\not{0}\times 4\times x}{1\!\!\!\not{0}\!\!\!\not{0}}}$

$\rm{\longmapsto30=15\times4\times x}$

Multiplying RHS,

$\rm{\longmapsto30=60x}$

Transposing 60 from RHS to LHS and changing its sign,

$\rm{\longmapsto\dfrac{30}{60}=x}$

Dividing the numbers,

$\rm{\longmapsto\dfrac{1}{2}=x}$

Hence,

• x = 1/2

Therefore,

• Required time = 1/2 years