Question

Ramesh and Suresh took a loan of rs 5000 from a bank for 8 month Ramesh paid rs 650 every month to the bank for 8months Suresh gave rs 5100 back who paid more money and how much​

Answer 1

Answer:

Let the rate of interest =R%p.a.

In the first 3yrs,

principal =P=Rs7000, Time T=3yrs.

Then the interest =I  

1

​  

=  

100

PRT

​  

=  

100

7000×R×3

​  

=210R.

In the next (5-3)yrs=2yrs,

Pricipal =P=RS(7000−3000)=RS4000, Time =T=2yrs.

Then, the interest=I  

2

​  

=  

100

PRT

​  

=  

100

4000×R×2

​  

=80R.  

∴ the total amount returned this time

=Rs(4000+I  

1

​  

+I  

2

​  

)=Rs5450

⟹4000+210R+80R=5450

⟹29R=1450

⟹R=5p.c.p.a.

So the rate of interest=5% p.a.

Step-by-step explanation:

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