Question

Rajesh borrowed a certain sum of money and paid it back in 2 years into rs 3000 and 2360 2.50 if their rate was 5% payable annual what sum did he borrow? ​

Answer 1

Answer:

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Step-by-step explanation:

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Answer 2

The sum of the amount borrowed by Rajesh is Rs. 5000.

Given:

Rajesh borrowed a certain sum of money and paid it back in 2 years into rs 3000 and 2362.50

To find:

If their rate was 5% payable annually what sum did he borrow? ​

Solution:

Let P be the amount borrowed by Rajesh

Simple interest on P at rate 5% = P(5)(1)/100 = 0.05P

Hence, the final amount at end of one year = P + 0.5P = 1.05P  

After 1 year Rajesh paid 3000

Then the principal amount in 2nd year = (1.05P - 3000)

Here the interest on (1.05P - 3000) for 2nd years

= (1.05P - 3000)(1)(5)/100 = (1.05P - 3000)/20  

And the final amount = (1.05P - 3000)/20 + (1.05P - 3000)

= (1.05P - 3000)+ 20(1.05P - 3000)/20

=  [ 1.05P - 3000 + 21P - 60000 ]/20

=  [ 22.05P - 63000 ]/20    

At end of the 2nd year, Rajesh paid 2362.50

=> [ 22.05P - 63000 ]/20 = 2362.50

=> [ 22.05P - 63000 ] = 47250

=> 22.05P = 47250 + 63000

=> 22.05P = 110250

=> P = 110250/22.05

=> P = 5000

Therefore,

The sum of the amount borrowed by Rajesh is Rs. 5000.

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