Ramesh borrows Rs.6000 from his friend. After 1 year he had to pay Rs.420 as interest. He clears his debt by paying Rs.6420 including the interest. What is amount in this question?
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Answer:
Step-by-step explanation:
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.
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