Ravi borrowed Rs 45,000 at 0% interest.If he pays back 0.5% of the total amount every 7 days, beginning exactly 7 days after the loan was disbursed , and has thus far paid back Rs 1800 , with the most recent payment made today , how many days ago did he borrow the money ?
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Answer:
Let's take sum is borrowed at 10% pa under simple interest for 4 years=x
So, sum is borrowed at 11% pa under simple interest for 4.5 years=45000-x
as per question,
100
x×10×4
+
100
(45000−x)×11×4.5
=19900
100
40x+2227500−49.5x
=19900
2227500−9.5x=1990000
x=25000
sum is borrowed at 11% pa=45000-25000=20000
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