(i) £300 borrowed for 5 years at 8% p.a.
(ii) £1000 invested for 4 years at 9.5% p.a.
(iii) £50 borrowed for 2 years at 18% p.a.
(iv) £2500 invested for 6 months at 8.75% p.a. (T = 0.5 years)
(v) £45 000 borrowed for 2 weeks at 15.5% p.a.
2. What is the actual rate of interest if £4000 deposited for 3 years attracts interest of
£1440?
3. For how long would £500 have to be left in an account paying 4% interest p.a. to
give a balance of £600 ?
4. A school's rich benefactor wants to deposit a certain sum in an account paying
interest at 10.5% so that it will produce interest of £1200 per year, to pay for
scholarships. How much should she deposit?
5. A boy borrows £1.00 from his sister and promises to pay back £1.10 a week later.
What is this as an annual rate of interest?
6. For how long should a depositor leave a sum in a 6.25% p.a. savings account in
order to earn the same amount in interest, assuming the interest is withdrawn each
year?
Answers
Answer:
I try to solve it later Yes
Given : (i) £300 borrowed for 5 years at 8% p.a.
(ii) £1000 invested for 4 years at 9.5% p.a.
(iii) £50 borrowed for 2 years at 18% p.a.
To Find : Interest receivable or payable
Solution:
SI = P * R * T /100
(i) £300 borrowed for 5 years at 8% p.a.
P = 300
R = 8
T = 5
SI payable = 300 x 8 x 5 /100 = 120 £
(ii) £1000 invested for 4 years at 9.5% p.a.
P =1000
R = 9.5
T = 4
SI receivable = 1000 x 9.5 x 4 /100 = 380 £
(iii) £50 borrowed for 2 years at 18% p.a
P = 50
R = 18
T = 2
SI payable = = 50 x 18 x 2/100 = 18 £
Please post Questions one by one.
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