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Question
Jethalal took a housing loan of 2,50,000 rupees from a bank at 10 p.c.p.a. for 5 years. What is the yearly interest he must pay and the total amount he returns to the bank?
Solution
Given:
Principal (P) = 2,50,000 rupees,
Rate of interest (R) = 10%
Time (T) = 5 years
Formula:
Total interest (I) = `("P"xx"R"xx"T")/100`
Solution:
I = `(2,50,000xx10xx5)/100`
= 1,25,000 rupees
∴ yearly interest = `(1,25,000)/5`
= 25,000
Now, total amount to be returned
= P + I
= 2,50,000 + 1,25,000
= 3,75,000 rupees
∴ The yearly interest is Rs. 25,000 and he will return 3,75,000 to the bank.
RELATED QUESTIONS
A page from the savings bank account of Mrs Ravi is given below.
| Date | Particulars | Withdrawal (Rs.) |
Deposit (Rs.) | Balance (Rs.) |
| April 3rd 2006 | B/F | 6000 | ||
| April 7th | By cash | 2300 | 8300 | |
| April 15th | By cheque | 3500 | 11800 | |
| May 20th | To self | 4200 | 7600 | |
| June 10th | By cash | 5800 | 13400 | |
| June 15th | To self | 3100 | 10300 | |
| August 13th | By cheque | 1000 | 11300 | |
| August 25th | To self | 7400 | 3900 | |
| September 6th 2006 |
By cash | 2000 | 5900 |
She closed the account on 30th September 2006. Calculate the interest Mrs Ravi earned
at the end of 30th September 2006 at 4.5% per annum interest. Hence, find the
amount she receives on closing the account.
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Puneet has a Recurring Deposit Account in the Bank of Baroda and deposits Rs. 140 per month for 4 years. If he gets Rs. 8,092 on maturity, find the rate of interest given by the bank.
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If he closed the account on 14th December and if the rate of simple interest is 4% pa, then find the amount he received on closing the account.
Shrikant deposited 85,000 rupees for `2 1/2` years at 7 p.c.p.a. in a savings bank account. What is the total interest he received at the end of the period?
If the interest on 1700 rupees is 340 rupees for 2 years the rate of interest must be ______.
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Fill in the blanks in the table.
| Principal | Rate of interest (p.c.p.a.) | Time | Interest | Amount |
| ...... | 6% | 4 years | 1200 | ...... |
