CameraIcon
CameraIcon
SearchIcon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

Ramesh borrowed Rs 7000 from a bank on simple interest for a period of 5 years. He returned Rs 3000 to the bank at the end of three years and Rs 5450 at the end of the five years and closed the account. Find the rate of interest per annum.

A
4%
No worries! We‘ve got your back. Try BYJU‘S free classes today!
B
5%
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
C
6%
No worries! We‘ve got your back. Try BYJU‘S free classes today!
D
8%
No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution

The correct option is B 5%

Let the rate of interest =R.

In the first 3yrs,

principal =P=Rs7000, Time T=3yrs.

Then the interest =I1=PRT100=7000×R×3100=210R.

In the next (5-3)yrs=2yrs,

Pricipal =P=RS(70003000)=RS4000, Time =T=2yrs.

Then, the interest=I2=PRT100=4000×R×2100=80R.

the total amount returned this time

=Rs(4000+I1+I2)=Rs54504000+210R+80R=545029R=1450R=5p.c.p.a.

So the rate of interest=5% p.a.


flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Simple and Compound Interest
MATHEMATICS
Watch in App
Join BYJU'S Learning Program
CrossIcon