Question

Mr Ghulam Nabi takes a loan of $Rs25,000$ on $01August2015$ at $21.9\%$ interest per annum and repays $Rs15,000$ on $04october2015$. If he clears all his due on $31December2015$, how much money did Mr Ghulam Nabi pay on $31December2015$?

Answer 1

Given

Mr. Gulam Nabi takes a loan $=25,000Rs.$

on $1$ August $2015$ for $21.9\%I$ P.a

Repays $Rs.15,000$ on $4^{th}$ October $2015$.

Also given to find, how much money did Mr. Gulam should pay on ${31}^{st}$ december, if he clears all his due on ${31}^{st}$ dec. $2015$.

So, as per data we know that,

	Amount	date	Interest
Loan	$25,000Rs.$	$1$' Aug $2015$	$21.9\%$
Repay	$15,000Rs.$	$4$' Oct $2015$	?
Clears	_______?	$31$' Dec $2015$	____?

Principal amount $\left(P\right)=25,000Rs.$.

rate $\left(r\right)=21.9\%$ Per annum.

time $\left(t\right)$ = Number of days from $(1-08-2015)$

to $(31-12-2015)=153$ days.

$\Rightarrow$ time $\left(t\right)=\frac{153}{365}$ year.

$\therefore$ Interest $\left(I\right)=\frac{P\times t\times r}{100}=\frac{25000\times 21.9\times 153}{100\times 365}$

$P\Rightarrow \frac{38250\times 21.9}{365}=\frac{837675.0}{365}$

$\Rightarrow P=2295Rs.$

Now as Mr. Gulam returned $15000Rs.$ on $4^{th}$ Oct $2015$.

we get,

remaining dues=Principal amount+interest-amount paid on $4^{th}$ Oct $2015$

$=25000Rs.+2295Rs.-15000Rs.$

$=10000Rs+2295Rs$

Remaining dues $=12295Rs.$

$\therefore$ Amount cleared by Mr. Gulam Nabi on ${31}^{st}$ December $2015$ is $=12295Rs$.