Commerce Exam > Commerce Questions > Rocky borrowed ₹ 8,000 on March 3,2012 at 7½%...
Start Learning for Free
Rocky borrowed ₹ 8,000 on March 3,2012 at 7½% S.I. He returned the money with interest on May 15, 2012.Find how much he has paid.?
Most Upvoted Answer
Rocky borrowed ₹ 8,000 on March 3,2012 at 7½% S.I. He returned the mon...
Calculation of Simple Interest:
To calculate the Simple Interest, we use the formula:
Simple Interest = (Principal × Rate × Time) / 100
Given:
Principal (P) = ₹ 8,000
Rate (R) = 7½% = 7.5%
Time (T) = 72 days (from March 3 to May 15)
Converting Time to years:
Time (in years) = 72 days / 365 days (in a year) = 0.1973 years (approx.)
Substituting the values in the formula:
Simple Interest = (8000 × 7.5 × 0.1973) / 100 = ₹ 1183.80 (approx.)
Therefore, the Simple Interest accrued on the loan is ₹ 1183.80.
Total Amount Paid:
The total amount paid by Rocky includes the principal amount borrowed and the interest accrued.
Total Amount Paid = Principal + Simple Interest
Total Amount Paid = ₹ 8,000 + ₹ 1,183.80 = ₹ 9,183.80 (approx.)
Therefore, Rocky has paid a total of ₹ 9,183.80 to return the borrowed money with interest.
To calculate the Simple Interest, we use the formula:
Simple Interest = (Principal × Rate × Time) / 100
Given:
Principal (P) = ₹ 8,000
Rate (R) = 7½% = 7.5%
Time (T) = 72 days (from March 3 to May 15)
Converting Time to years:
Time (in years) = 72 days / 365 days (in a year) = 0.1973 years (approx.)
Substituting the values in the formula:
Simple Interest = (8000 × 7.5 × 0.1973) / 100 = ₹ 1183.80 (approx.)
Therefore, the Simple Interest accrued on the loan is ₹ 1183.80.
Total Amount Paid:
The total amount paid by Rocky includes the principal amount borrowed and the interest accrued.
Total Amount Paid = Principal + Simple Interest
Total Amount Paid = ₹ 8,000 + ₹ 1,183.80 = ₹ 9,183.80 (approx.)
Therefore, Rocky has paid a total of ₹ 9,183.80 to return the borrowed money with interest.
Attention Commerce Students!
To make sure you are not studying endlessly, EduRev has designed Commerce study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Commerce.
|
Explore Courses for Commerce exam
|
|
Similar Commerce Doubts
Top Courses for CommerceView all
Rocky borrowed ₹ 8,000 on March 3,2012 at 7½% S.I. He returned the money with interest on May 15, 2012.Find how much he has paid.?
Question Description
Rocky borrowed ₹ 8,000 on March 3,2012 at 7½% S.I. He returned the money with interest on May 15, 2012.Find how much he has paid.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Rocky borrowed ₹ 8,000 on March 3,2012 at 7½% S.I. He returned the money with interest on May 15, 2012.Find how much he has paid.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Rocky borrowed ₹ 8,000 on March 3,2012 at 7½% S.I. He returned the money with interest on May 15, 2012.Find how much he has paid.?.
Rocky borrowed ₹ 8,000 on March 3,2012 at 7½% S.I. He returned the money with interest on May 15, 2012.Find how much he has paid.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Rocky borrowed ₹ 8,000 on March 3,2012 at 7½% S.I. He returned the money with interest on May 15, 2012.Find how much he has paid.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Rocky borrowed ₹ 8,000 on March 3,2012 at 7½% S.I. He returned the money with interest on May 15, 2012.Find how much he has paid.?.
Solutions for Rocky borrowed ₹ 8,000 on March 3,2012 at 7½% S.I. He returned the money with interest on May 15, 2012.Find how much he has paid.? in English & in Hindi are available as part of our courses for Commerce.
Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.
Here you can find the meaning of Rocky borrowed ₹ 8,000 on March 3,2012 at 7½% S.I. He returned the money with interest on May 15, 2012.Find how much he has paid.? defined & explained in the simplest way possible. Besides giving the explanation of
Rocky borrowed ₹ 8,000 on March 3,2012 at 7½% S.I. He returned the money with interest on May 15, 2012.Find how much he has paid.?, a detailed solution for Rocky borrowed ₹ 8,000 on March 3,2012 at 7½% S.I. He returned the money with interest on May 15, 2012.Find how much he has paid.? has been provided alongside types of Rocky borrowed ₹ 8,000 on March 3,2012 at 7½% S.I. He returned the money with interest on May 15, 2012.Find how much he has paid.? theory, EduRev gives you an
ample number of questions to practice Rocky borrowed ₹ 8,000 on March 3,2012 at 7½% S.I. He returned the money with interest on May 15, 2012.Find how much he has paid.? tests, examples and also practice Commerce tests.
|
|
Explore Courses for Commerce exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup