Question

If Somnath pays an interest of Rs. 1500 for 2 years on a sum of Rs. 7500, find the rate
of interest.​

Answer 1

Step-by-step explanation:

Total Amount borrowed by Jaya = Rs.50,000

let us first calculate the interest on that amount in the first year

Interest=

100

Principle×Time×Rate

Interest=

100

50000×1×12

Interest=Rs 6000

So,Jaya has to pay an interest of Rs. 6,000 by the end of the first year.

But she has paid an amount of Rs. 33,000

So,she has cleared a debt of Rs.33,000−Rs.6,000=Rs.27,000

Remaining debt of Jaya = Rs.50,000−Rs.27,000=Rs.23,000

By the end of the second year she has to pay an interest for an amount of Rs.23,000

Interest=

100

23,000×1×15

Interest=Rs.3,450

So the total amount she has to pay to clear her debt= Amount+Interest

=Rs.23,000+Rs.3,450

=Rs.26,450

So, Jaya has to pay a total amount of Rs.26,450 to clear her debt