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Question

Jethalal took a housing loan of 2,50,000 rupees from a bank at 10 p.c.p.a. for 5 years. What is the yearly interest he must pay and the total amount he returns to the bank?

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Solution

Given:

Principal (P) = 250000 rupees,

Rate of interest (R) = 10%

Time (T) = 5 years

Total interest (I) = $\frac{P\times R\times T}{100}$

$=\frac{250000\times 10\times 5}{100}$

= 125000 rupees

Now, total amount = P + I

= 2500000 + 125000

= 375000 rupees

Hence, Jethalal will have to pay 125000 rupees as an interest and 375000 as the the total amount to the bank.

Principal (P) = 250000 rupees,

Rate of interest (R) = 10%

Time (T) = 5 years

Total interest (I) = $\frac{P\times R\times T}{100}$

$=\frac{250000\times 10\times 5}{100}$

= 125000 rupees

Now, total amount = P + I

= 2500000 + 125000

= 375000 rupees

Hence, Jethalal will have to pay 125000 rupees as an interest and 375000 as the the total amount to the bank.

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