Rohit borrows ₹ 400 at the rate of 5% per annum simple interest and Abhishek borrows ₹ X at the rate of 4% per annum simple interest. After 15 years their amount of debt. becomes equal. Find X.₹ 420.70₹ 437.50₹ 445.50₹ 450
Question
Rohit borrows ₹ 400 at the rate of 5% per annum simple interest and Abhishek borrows ₹ X at the rate of 4% per annum simple interest. After 15 years their amount of debt. becomes equal. Find X.₹ 420.70₹ 437.50₹ 445.50₹ 450
Solution
The problem states that Rohit and Abhishek have the same debt amount after 15 years. We know that the formula for simple interest is I = PRT/100, where P is the principal amount, R is the rate of interest, and T is the time in years.
For Rohit, we know that P = ₹400, R = 5% per annum, and T = 15 years. So, we can calculate his interest as follows:
I = (400 * 5 * 15) / 100 = ₹300
So, after 15 years, Rohit's total debt (principal + interest) is ₹400 + ₹300 = ₹700.
For Abhishek, we know that his total debt after 15 years is also ₹700. His rate of interest is 4% per annum. Let's denote his principal amount as X. His interest after 15 years can be calculated as follows:
I = (X * 4 * 15) / 100
His total debt (principal + interest) is X + I = ₹700.
Substituting I in the equation, we get:
X + (X * 4 * 15) / 100 = ₹700 X (1 + (4 * 15) / 100) = ₹700 X * 1.6 = ₹700 X = ₹700 / 1.6 X = ₹437.50
So, Abhishek borrowed ₹437.50.
Similar Questions
Mr. Gupta borrows ₹2,00,000 from a bank at a compound interest rate of 10% per annum, compounded annually. If he repays the loan after 5 years, what is the total interest he will have to pay?₹1,22,102₹1,84,340₹2,43,000₹2,34,065
Sanjay borrowed Rs.900 at 4% per annum and Rs.1100 at 5% per annum for the same duration. He to pay Rs.364 in all as interest. What is the time period in years?Options5 years2 years4 years3 years
If simple interest on a certain sum of money at the rate of 7% per annum for 5 years is ₹ 2925 less than its principal, then find the interest.₹ 1575₹ 4500₹ 1260₹ 3950
Mr. Kumar invests ₹15,000 in a bank account that offers a simple interest rate of 8% per annum. What will be the total amount after 5 years, including the principal?
A man borrowed a certain sum of money at the rate of 6 % per annum for the first two years, 9% per annum for the next three years, and 14% per annum for the period beyond 5 years. If he pays a total interest of Rs. 22,800 at the end of 9 years, find the amount he borrowed.
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.