Question

Raju borrowed Rs 1500 from Ravi for 3years 3months at 12%P.a.what amount will clear off hiss debt

Answer 1

Given :

Principle : ₹1500

Rate of interest : 12%

Time : 3 years 3 months

To find :

The total amount cleared by Raju after the time period.

Solution :

first we should find the simple interest. But we can observe that the time is given in the form of years and months, so first we should convert it in the form of years.

Time (in years) :

$\sf \dashrightarrow {Time}_{(In \: years)} = Years \dfrac{Number \: of \: months}{12}$

$\sf \dashrightarrow {Time}_{(In \: years)} = 3 \dfrac{3}{12}$

$\sf \dashrightarrow {Time}_{(In \: years)} = 3 \dfrac{1}{4}$

$\sf \dashrightarrow {Time}_{(In \: years)} = \dfrac{13}{4}$

Now, we can find the simple interest.

Simple interest :

$\sf \dashrightarrow SI = \dfrac{P \times R \times T}{100}$

$\sf \dashrightarrow \dfrac{1500 \times 12 \times 13}{100 \times 4}$

$\sf \dashrightarrow \dfrac{15 \times 12 \times 13}{1 \times 4}$

$\sf \dashrightarrow \dfrac{15 \times 3 \times 13}{1}$

$\sf \dashrightarrow 15 \times 3 \times 13$

$\sf \dashrightarrow 45 \times 13$

$\dashrightarrow$₹$\sf 585$

Now, we can find the total amount.

Total Amount :

$\sf \dashrightarrow Simple \: Interest + Principle$

$\sf \dashrightarrow 585 + 1500$

$\dashrightarrow$₹$\sf 2085$

Hence, Raju should pay ₹2085 to clear off his debt.