Question

Rekha takes a loan of Rs 7500 for 91 days at 15%per annum. How much interest and how much money did she pay back at the end of the period?

Answer 1

Step-by-step explanation:

Principal =7,500

Rate of Interest =15%

Time period =91/365 years

Simple Interest =PRT/100

=(7500×15×91)/(100×365)

=280.5

Amount =Rs.(7500+280.5)

=Rs.7780.5

Answer 2

Interest would be 280.48 rupees and amount would be 7780.48 rupees

Step-by-step explanation:

Given,

The principal amount of laon, P = 7500 rupees,

Annual rate of interest, r = 15%,

Time in days = 91,

∵ 1 year = 365 days,

⇒ 1 day = $\frac{1}{365}$ year,

⇒ 91 days = $\frac{91}{365}$ year,

Time in years, t = $\frac{91}{365}$,

Thus, the interest paid,

$I=\frac{P\times r\times t}{100}$

$=\frac{7500\times 15\times \frac{91}{365}}{100}$

$=\frac{75\times 15\times 91}{365}$

$=\frac{102375}{365}$

≈ 280.48 rupees,

The amount which have to pay back,

A = P + I

= 7500 + 280.48

= 7780.48 rupees.

#Learn more:

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