Question

Mr Roy took a loan of rs 100000 from a moneylender at a compound interest rate of 12 1/2% p.a.
a) Find the interest paid by Mr Roy to the moneylender.
b) How much did Mr Roy pay to clear the debt?​

Answer 1

Given as :

The loan principal = p = Rs 100000

The rate of interest = r = 12$\dfrac{1}{2}$ % = $\dfrac{25}{2}$ %

The time period of loan = t = 2 years

To Find :

A) Find the interest paid by Mr Roy to the moneylender.

B) How much did Mr Roy pay to clear the debt?

Solution :

From Compound Interest method

Amount = Principal × $(1+\dfrac{rate}{100}) ^{time}$

( B ) Let The Amount paid = Rs A

So, A = p  × $(1+\dfrac{r}{100}) ^{t}$

Or, A = Rs 100000 × $(1+\dfrac{12.5}{100}) ^{2}$

Or, A =  Rs 100000 × (1.125)²

Or, A = Rs 100000 × 1.2656

∴   A = Rs 126560

i.e   Amount = A = Rs 126560

(A)

∵ Interest = Amount - Principal

i.e  I = Rs 126560 - Rs 100000

∴ Interest = Rs 26560

Hence,

(A) The interest paid by Mr Roy to the moneylender is Rs 26560

(B) Amount paid to clear the debt is Rs 126560  . Answer

Answer 2

Answer:

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