Class 7 Exam > Class 7 Notes > RD Sharma Solutions for Class 7 Mathematics > RD Sharma Solutions (Part - 2) - Ex-13.1, Simple Interest, Class 7, Math
RD Sharma Solutions (Part - 2) - Ex-13.1, Simple Interest, Class 7, Math | RD Sharma Solutions for Class 7 Mathematics PDF Download
QUESTION 12:
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?
ANSWER 12:
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
Question 13:
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?
Answer 13:
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After 1 year, amount withdrawn = Rs 700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 (P1) = 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
Question 14:
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?
Answer 14:
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
Question 15:
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.
Answer 15:
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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FAQs on RD Sharma Solutions (Part - 2) - Ex-13.1, Simple Interest, Class 7, Math - RD Sharma Solutions for Class 7 Mathematics
| 1. What is the formula for calculating simple interest? |  |
Ans. The formula for calculating simple interest is:
Simple Interest = (Principal × Rate × Time)/100.
| 2. How is simple interest different from compound interest? | |
Ans. Simple interest is calculated only on the initial principal amount, while compound interest is calculated on the initial principal as well as the accumulated interest from previous periods.
| 3. How can I calculate the amount after simple interest is added? | |
Ans. To calculate the amount after simple interest is added, use the formula: Amount = Principal + Simple Interest.
| 4. Can you give an example to understand simple interest better? | |
Ans. Sure! Let's say you borrow $1000 from a friend for 2 years at an interest rate of 5% per annum. The simple interest would be calculated as follows:
Simple Interest = (1000 × 5 × 2)/100 = $100.
So, after 2 years, you would have to repay $1100 ($1000 principal + $100 interest).
| 5. Is simple interest always calculated in years? | |
Ans. No, simple interest can be calculated in any time unit as long as the rate is adjusted accordingly. For example, if the time period is given in months, the rate should be the monthly interest rate instead of the annual rate.
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