Mr Garg lent Rs 15000 to his friend. He charged 15% per annum on Rs 12500 and 18% on the rest. How much interest does he earn in 3 years?
Principal amount (P) = Rs 12500
Time period (T) = 3 years
Rate of interest (R) = 15% p.a.
Rest of the amount lent = Rs 15000 − Rs 12500 = Rs 2500
Rate of interest = 18 % p.a.
Time period = 3 years
Total interest earned = Rs 5625 + Rs 1350 = Rs 6975
Shikha deposited Rs 2000 in a bank which pays 6% simple interest. She withdrew Rs 700 at the end of first year. What will be her balance after 3 years?
Principal amount deposited (P) = Rs 2000
Time period (T) = 1 year
Rate of interest (R) = 6% p.a.
Interest after 1 year =
So amount after 1 year = Principal amount + Interest = 2000 + 120 = Rs 2120
After 1 year, amount withdrawn = Rs 700
Principal amount left (P_{1}) = Rs 2120 − Rs 700 = Rs 1420
Time period (T) = 2 years
Rate of interest (R) = 6% p.a.
Interest after 2 years =
Total amount after 3 years = Rs 1420 + Rs 170.40 = Rs 1590.40
Reema took a loan of Rs 8000 from a money lender, who charged interest at the rate of 18% per annum. After 2 years, Reema paid him Rs 10400 and wrist watch to clear the debt. What is the price of the watch?
Principal amount (P) = Rs 8,000
Rate of interest (R) = 18%
Time period (T) = 2 years
Interest after 2 years =
Total amount payable by Reema after 2 years = Rs 8,000 + Rs 2,880 = Rs 10,880
Amount paid = Rs 10,400
Value of the watch = Rs 10,880 − Rs 10,400 = Rs 480
Mr Sharma deposited Rs 20000 as a fixed deposit in a bank at 10% per annual. If 30% is deducted as income tax on the interest earned, find his annual income.
Amount deposit (P) = Rs 20,000
Rate of interest (R) = 10% p.a.
Time period (T) = 1 year
Interest after 1 year =
Amount deducted as income tax = 30% of Rs 2,000 =
Annual interest after tax deduction = Rs 2,000 − Rs 600 = Rs 1,400
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