Question

Ms.Rashmi wants to buy an electric scooter. She borrows ₹ 50,000 from a city lender at 5% per annum for the period from 5th March 2021 to 17th May 2021. (i) Calculate the simple interest and (ii) The amount she needs to pay to the lender. (Hint: The day on which money is deposited is not counted while the day on which money is withdrawn is counted)​

Answer 1

Answer:

1

st

year

P=50000

R=10%

T=1

∴S.I=

100

PTR

=

100

50000×10×1

=Rs.5000

∴A=P+S.I

=55000

Now, 25000 is repaid

∴

′

P

′

for second year =55000−25000

=30000

T=1

R=10

∴S.I=

100

30000×1×10

=Rs.33000

∴ Money outstanding =(33000−25000) =Rs.8,000

∴ =8000