Question

find the time period in which rupees 12000 will mature to rupees 14160 at the rate of 6% per annum.​

Answer 1

Given :

Principle amount : ₹12000

Total Amount : ₹14160

Rate of interest : 6%

To find :

The time period applied to the loan.

Solution :

To find the time period, first we should find the simple interest.

Simple Interest :

$\sf \dashrightarrow 14160 - 12000$

$\sf \dashrightarrow Rs.2160$

Now, we can find the time period.

Time :

$\sf \dashrightarrow Simple \: Interest = \dfrac{P \times R \times T}{100}$

$\sf \dashrightarrow 2160 = \dfrac{12000 \times 6 \times T}{100}$

$\sf \dashrightarrow 2160 = \dfrac{72000 \times T}{100}$

$\sf \dashrightarrow T = \dfrac{2160 \times 100}{72000}$

$\sf \dashrightarrow T = \dfrac{2160 \times 1}{720}$

$\sf \dashrightarrow T = \cancel \dfrac{2160}{720} = 3 \: years$

Hence, the time period of the loan is 3 years.

$\:$

Verification

$\sf \dashrightarrow Simple \: Interest = \dfrac{P \times R \times T}{100}$

$\sf \dashrightarrow 2160 = \dfrac{12000 \times 6 \times 3}{100}$

$\sf \dashrightarrow 2160 = \dfrac{12000 \times 18}{100}$

$\sf \dashrightarrow 2160 = \dfrac{120 \times 18}{1}$

$\sf \dashrightarrow 2160 = \dfrac{2160}{1}$

$\sf \dashrightarrow 2160 = 2160$

$\sf \dashrightarrow LHS = RHS$