Question

ramniklal borrowed rs 50000 from bank at 7 pcpa what is the amount he will return to the bank after 1 year​

Answer 1

➤ Given :-

Principle :- ₹50000

Rate of Interest :- 7%

Time :- 1 year

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➤ To Find :-

The total amount returned back at end of the period.

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➤ Formula required :-

${\large \dashrightarrow \orange{\boxed{\tt \gray{Simple \: Interest + Principle}}}}$

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★ How to do :-

Here, we are given with the principle amount, the rate of interest and the time taken to return the money back. We are asked to find the total amount returned by Ramniklal at end of the period. So, first we should find the simple interest by multiplying the principle, rate and time and then divide it by 100. The obtained answer will be the simple interest. Later, we can find the total amount by using the given formula.

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➤ Solution :-

Simple Interest :-

${\tt \leadsto \underline{\boxed{\tt \dfrac{P \times R \times T}{100}}}}$

Substitute the values.

${\tt \leadsto \dfrac{50000 \times 7 \times 1}{100}}$

Cancel the zeros in numerator and denominator.

${\tt \leadsto \dfrac{500 \cancel{00} \times 7 \times 1}{1 \cancel{00}}}$

By cancelling them we get,

${\tt \leadsto \dfrac{500 \times 7 \times 1}{1}}$

Multiply the remaining numbers.

${\tt \leadsto 500 \times 7 = \underline{3500}}$

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Now, add the obtained answer with the principle amount as we can see in the given formula.

Total Amount :-

${\tt \leadsto 3500 + 50000}$

${\tt \leadsto \boxed{\tt Rs \: \: 53500}}$

$\Huge\therefore$ The total amount to be paid back at end of the period is ₹53500.

Answer 2

Given :

• Principal (P) = Rs 50000
• Rate (R) = 7%
• Time (T) = 1 year

To Find :

• What is the amount he will return to the bank.

Solution :

⟹ Simple Interest = P × R × T / 100

⟹ Simple Interest = 50000 × 7 × 1 / 100

⟹ Simple Interest = 500 × 7 × 1

⟹ Simple Interest = 500 × 7

⟹ Simple Interest = Rs 3500

Now,

➟ Amount = Interest + Principal

➟ Amount = 3500 + 50000

➟ Amount = Rs 53000

So he had to return Rs 53000 after 1 year

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★ Additional Info :

• Principal: The money which we deposit in or the lower from the bank or the money learned called the principal.
• Rate of interest: The interest paid on Rs, 100 for one year is called the rate per cent per year or rate per cent per annum.
• Time: The period of time for which the money is lent or invested.
• Interest: Additional money paid by the borrowed to the lender for using the money is called interest.
• Simple Interest: If the interest is calculated uniformly on the original principal throughout the lone period, it is called simple interest.
• Amount: The total money paid back to the lender is called the amount.

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