Mr Ghulam Nabi takes a loan of 25,000 on
01 August 2015 at 21.9% interest per annum and
repays 15,000 on 04 October 2015. If he clears all
his dues on 31 December 2015, how much money did
Mr Ghulam Nabi pay on 31 December 2015?
Answers
Answer:
this is your answer
Step-by-step explanation:
Given
Mr. Gulam Nabi takes a loan =25,000 Rs.
on 1 August 2015 for 21.9%I P.a
Repays Rs.15,000 on 4
th
October 2015.
Also given to find, how much money did Mr. Gulam should pay on 31
st
december, if he clears all his due on 31
st
dec. 2015.
So, as per data we know that,
Amount date Interest
Loan 25,000 Rs. 1' Aug 2015 21.9%
Repay 15,000 Rs. 4' Oct 2015 ?
Clears _______? 31' Dec 2015 ____?
Principal amount (P)=25,000 Rs..
rate (r)=21.9% Per annum.
time (t) = Number of days from (1−08−2015)
to (31−12−2015)=153 days.
⇒ time (t)=
365
153
year.
∴ Interest (I)=
100
P×t×r
=
100×365
25000×21.9×153
P⇒
365
38250×21.9
=
365
837675.0
⇒P=2295 Rs.
Now as Mr. Gulam returned 15000 Rs. on 4
th
Oct 2015.
we get,
remaining dues=Principal amount+interest-amount paid on 4
th
Oct 2015
=25000 Rs.+2295 Rs.−15000 Rs.
=10000 Rs+2295 Rs
Remaining dues =12295 Rs.
∴ Amount cleared by Mr. Gulam Nabi on 31
st
December 2015 is =12295 Rs.