Question

For buying a house, Kishorbhai borrowed Rs.29,200 from the bank for 227 days at the rate of 12.5%. How much amount would he pay back at the end of the term?

Answer 1

Given,

Principal (P)= ₹ 29200

Time (T) = 227 days = 227/365 years

[ 1 year = 365 days]

Rate of interest(R )= 12.5 %

Interest on ₹ 29200 for 227/365 years (S.I)= P×R×T/100

[Simple Interest (S.I) = (P×R×T) /100]

S.I = 29200 × 125 × 227 /365 × 10 × 100

S.I = 146 × 25 × 227 / 365

S.I = ₹ 2270

AMOUNT = PRINCIPAL +SIMPLE INTEREST

Amount(A) = 29200 + 2270

A = ₹ 31,470

Hence, Kishorbhai would pay back ₹ 31,470 at the end of term.

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Answer 2

Acc to the question, Kishorbhai borrowed Rs.29,200 for buying a house, from the bank for 227 days at the rate of 12.5%.

Principle = Rs 29,200

Rate = 12.5% p.a.

Time = 227 days = 227/365 years.

Amount = Principle + Interest

Interest = (P * R * T)/100

or, (29,200 * 12.5 * 227/365)/100

or, Rs 2270.

Amount = Rs 29,200 + Rs 2270 = Rs 31,470.

Therefore, Kishorbhai would pay Rs 31,470 at the end of the term.