Question

Two friends took a loan of 25,000 on the same day and from the same bank at the rate of 10% simple interest. After 2 years the money by which the first man repays the loan with interest, after 3 years the second man repays the loan by giving the same amount. How much money each have to pay at the time of loan repayment ? ​

Answer 1

The amount to be paid at loan repayment by the first friend is Rs. 30,000 and the second friend is Rs. 32,500.

Step-by-step explanation:

To calculate the amount to be paid at the time of loan repayment, we calculate the simple interest first.

Given:

Principal = Rs. 25,000

Rate = 10% per annum

Simple interest for first-person:

Time = 2 years

$Simple\ Interest = \frac{Principal\ *\ Rate\ *\ Time}{100}$

[tex]Simple\ Interest = \frac{25000\ *\ 10\ *\ 2}{100}\\ Simple\ Interest = Rs.\ 5000[/tex]

Amount = Principal + Simple Interest

Amount = $Rs. 25,000 + Rs. 5000$

$Amount = Rs. 30,000$

Simple interest for second-person:

Time = 3 years

$Simple\ Interest = \frac{Principal\ *\ Rate\ *\ Time}{100}$

$Simple\ Interest = \frac{25000\ *\ 10\ *\ 3}{100}\\Simple\ Interest = Rs.\ 7500$

Amount = Principal + Simple Interest

Amount = $Rs. 25,000 + Rs. 7,500$

$Amount = Rs. 32,500$

Answer 2

The amount of money prepared by the first friend is Rs. 30000 and the second friend is Rs. 32500

Given:

Amount of loan - Rs. 25000

Rate of interest - 10% simple interest

Time - First Friend - 2 years

- Second Friend - 3 years.

To find:

Money repeatedly both the friends.

Solution:

Amount of loan - Rs. 25000

Rate of interest - 10% simple interest

Time - First Friend - 2 years

- Second Friend - 3 years

First Friend.

Amount of loan - Rs. 25000

Rate of interest - 10% simple interest

Time - 2 years

$simple \: interest = prt$

$simple \: interest = 25000 \times \frac{10}{100} \times 2$

$simple \: interest = 5000$

Total amount payable

$amount =prinipal \: amount \: of \: loan + simple \: interest$

$amount = 25000 + 5000$

$amount = 30000$

Second Friend

Amount of loan - Rs. 25000

Rate of interest - 10% simple interest

Time - 3 years

$simple \: interest = prt$

$simple \: interest = 25000 \times \frac{10}{100} \times 3$

$simple \: interest = 7500$

Total amount payable

$amount =prinipal \: amount \: of \: loan + simple \: interest$

$amount = 25000 + 7500$

$amount = 32500$

Therefore, the total amount payable by both the friends is Rs. 30000 and Rs. 32500 respectively.