Ketan and Kevin borrowed ₹18,000 and ₹25,000 respectively, at the same
rate of simple interest. Ketan repayed the loan with interest of ₹5,040, after
3½years. How much, should Kevin pay, after 4½ years to pay off the loan,
including simple interest ?
I need the answer for an assignment pls answer asap
Answers
Answer:
the new study is the first step by diseases that are not a great deal for a child that has a major
Given,
Money borrowed by Ketan = ₹18,000
Money borrowed by Kevin = ₹25,000
Simple interest paid by Ketan = ₹5,040
Time taken by Ketan = 3.5 years
Time taken by Kevin = 4.5 years
To Find,
How much, should Kevin pay, after 4½ years to pay off the loan, including simple interest =?
Solution,
From the formula of the Simple interest,
Simple interest = P* R* T/ 100
For ketan,
5,040 = 18000 * R *3.5 / 100
Rate of interest = (5040 * 100)/ (18000 * 3.5)
Rate of interest = 8%
The rate of interest is same for both.
Simple interest for Kevin = 25000 * 4.5 * 8 / 100
Simple interest for Kevin = Rs. 9000
Total money Kevin should pay = 9000 + 25000
Total money Kevin should pay = Rs. 34000
Hence, Kevin should pay Rs. 34000 to pay off the loan including simple interest.