kapila borrowed Rs 12000 at 12 % simple interest per year.after 4 months he borrowed another Rs 8000 at the same rate of interest. After one year from the date of the first loan, he was released from both loans by paying back Rs 22080.
i)CALCULATE THE INTEREST HE HAD TO PAY FOR Rs22080.
ii) WHAT SUM OF THE MONEY HE HAD TO PAY TO BE RELEASED FROM THE FIRST LOAN ?

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Solution

$Dear student, 1 st loan : P = Rs . 12000, T = 1 yr, R = 12 %; I = \frac{P \times R \times T}{100} = \frac{12000 \times 1 \times 12}{100} = Rs . 1440 (ii) Amount paid for 1 st loan = Rs . (12000 + 1440) = Rs . 13440 2 nd loan : P = Rs . 8000, T = 8 months, R = 12 %; I = \frac{P \times R \times T}{100} = \frac{8000 \times 8 \times 12}{100 \times 12} = Rs . 640 Amount paid for 2 nd loan = Rs . (8000 + 640) = Rs . 8640 (i) Total intereset paid for Rs . 22080 = Rs . 1440 + Rs . 640 = Rs . 2080 Regards$

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