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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.?
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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.
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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.?
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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.?.
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