Question

Jaya took a loan of Rs. 45,000 from a money lender for 4 years. If she paid Rs. 9,000 as interest. Find the rate of interest.​

Answer 1

Answer:

Compound Interest is nothing but Simple interest per year with the amount at the end of every year being the principal for the next year.

For the first year ,

Simple Interest SI=

100

PNR

So, SI=

100

25000×1×20

=Rs5000

So, Amount A=25000+5000=Rs30000

For the second year ,

P =30000−8000=Rs22000

So, SI=

100

22000×1×20

=Rs4400

So, Amount A=22000+4400=Rs26400

For the third year ,

P =26400−8000=Rs18400

So, SI=

100

18400×1×20

=Rs3680

So, Amount A=18400+3680=Rs22080

So, Rs22080 has to paid off to clear the loan.

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Answer 2

Step-by-step explanation:

Jaya took a loan of Rs. 45,000 for 4 years.

Interest = Rs. 9,000

Total amount she paid = Rs. 54,000

Rate of interest = R

ATQ,

Amount = (Principal×Rate×Time)/100

54,000 = (45,000×R×4)/100

54,000 = 18,0000 R/100

54000 = 1800R

R = 54000/1800

R = 30

Hence the rate of interest is 30 percent.

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