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A person borrowed rs.8000 at a certain rate of interest for 2 years and then rs.10000 at 1% lower than the first.In all he paid rs.2500 as interst in 3 years.Find the two rates at which he borrowed the amount. (b) In what time will a sum of money double itself at 5% Compound interest payable half yearly ?
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A person borrowed rs.8000 at a certain rate of interest for 2 years an...
Calculation of Interest Rates

  • Let the first rate of interest be x%

  • Then, the second rate of interest will be (x-1)%

  • Interest on first loan = (8000*x*2)/100 = 160x

  • Interest on second loan = (10000*(x-1)*1)/100 = 100(x-1)

  • Total interest paid in 3 years = 2500

  • Therefore, total interest paid in first 2 years = 160x + 100(x-1) = 260x - 100

  • Interest paid in the third year = total interest - interest paid in first 2 years = 2500 - (260x - 100) = 2500 - 260x + 100 = 2400 - 260x

  • Interest on first loan in third year = (8000*x*1)/100 = 80x

  • Interest on second loan in third year = (10000*(x-1)*2)/100 = 200(x-1)

  • Therefore, 80x + 200(x-1) = 2400 - 260x

  • Solving the equation, we get x = 12 and (x-1) = 11

  • Therefore, the first rate of interest is 12% and the second rate of interest is 11%



Calculation of Time for Doubling of Money

  • Let the principal amount be P

  • Compound interest rate = 5% per annum

  • Interest rate per half year = 2.5%

  • Let the time taken to double the money be t years

  • Amount after t years = P*(1 + 2.5/100)^(2t)

  • Amount after doubling = 2P

  • Therefore, 2P = P*(1 + 2.5/100)^(2t)

  • Simplifying the equation, we get (1 + 2.5/100)^(2t) = 2

  • Taking log on both sides, we get 2t*log(1.025) = log(2)

  • Therefore, t = log(2)/(2*log(1.025)) = 13.86 years (approx)

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The last of them.1. On 1 February 2018, the reliance company issued 7% of the 1,000 debentures of the value of rs 1,000 into the public. Birth certificates were issued to 94% of their face value. 50 per sheet on application, 500 (with rebat e) and the balance. Were payable on the may, 2018 Payment of interest was to be made on 30th June and 31st December per half. The first interest payable on 30th June 2018 fixed 2% of the total issue amount. The debentures were sold.In the year ending 31 December 2018, please log in the above journal.I am also happy to share the interest of rs 20,000 payable on 30th June 2018; The interest payable on 31st December 2018 is 35,000 one]How are you1 10,00,000 ×2100= 20,000; 2. 10,00,000 x7 ×6The last of them. H I12x 100= 35,000. Related: Chapter Notes - Issue and Redemption of Debentures?

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A person borrowed rs.8000 at a certain rate of interest for 2 years and then rs.10000 at 1% lower than the first.In all he paid rs.2500 as interst in 3 years.Find the two rates at which he borrowed the amount. (b) In what time will a sum of money double itself at 5% Compound interest payable half yearly ?
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A person borrowed rs.8000 at a certain rate of interest for 2 years and then rs.10000 at 1% lower than the first.In all he paid rs.2500 as interst in 3 years.Find the two rates at which he borrowed the amount. (b) In what time will a sum of money double itself at 5% Compound interest payable half yearly ? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about A person borrowed rs.8000 at a certain rate of interest for 2 years and then rs.10000 at 1% lower than the first.In all he paid rs.2500 as interst in 3 years.Find the two rates at which he borrowed the amount. (b) In what time will a sum of money double itself at 5% Compound interest payable half yearly ? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A person borrowed rs.8000 at a certain rate of interest for 2 years and then rs.10000 at 1% lower than the first.In all he paid rs.2500 as interst in 3 years.Find the two rates at which he borrowed the amount. (b) In what time will a sum of money double itself at 5% Compound interest payable half yearly ?.
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