Question

. Mr. X and Mr. Y are partners in a firm. Mrs. X extended loan to firm @10% p.a. of 31,00,000. Interest on loan given to Mr. X will be​

Answer 1

10% of 31,00,000

31,000

Answer 2

Given: Principal amount (P)= ₹ 31,00,000

           Rate of Interest (R)= 10% p.a.

           Time (T)= 1 year.

To Find: The interest to be given on loan.

Solution:

We know, the formula of Simple Interest,

⇒ Simple Interest (S.I)= $\frac{P\times R\times T}{100}$

∴ Substituting the variables with the given values, we get,

⇒ S.I. =₹  $\frac{31,00,000\times 10\times 1}{100}$

         = ₹ 3,10,000

Answer) The interest on the loan to be given to Mr. X is ₹ 3,10,000.