Question

Henna borrows rupees 5000 at the rate of 5%p.a.the total interest payable over the period of lian is ₹1000.how many years will it take back to pay the loan​

Answer 1

Answer:

1

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Answer 2

Given :-

• Principal = Rs,5000
• Simple Interest = Rs,1000
• Rate = 5%

To Find :-

• How many years will it take back to pay the loan.

Solution :-

In this Question the Concept of Simple Interest is used . So, let us recall the Concept of Simple Interest. We know that simple interest is calculated uniformly throughout the loan period on the original principal and is given by the following formula :- Simple Interest = Principal × Rate × Time ÷ 100 .

So, in this Question Principal , Rate and Simple Interest is given and we have to find the Time, So simply we will apply the Formula and will find the time.

⟹ Simple Interest = P × R × T ÷ 100

⟹ 1000 = 5000 × 5 × T ÷ 100

⟹ 1000 = 50 × 5 × Time

⟹ 1000 = 250 × Time

⟹ 1000 ÷ 250 = Time

⟹ 4 = Time

Therefore, It will take 4 years to take back the loan.

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