Ravi wanted to start a business He needed Rs 1,00,000 for setting up his office He checked his - Maths - Direct and Inverse Proportions

Question

Ravi wanted to start a business He needed Rs 1,00,000 for
setting
up his office He checked his savings and found that he is having
RS
85,000 only He thought of borrowing the remaining amount He
borrowed Rs 7000 from a bank at the interest rate of 10% per
annum compounded annually for three years and Rs 8000 at 20%
per annum for 2 years, compounded half yearly from a money
lender
(i) The total amount borrowed by Ravi is
(a) Rs 7,000 (b) Rs 8,000 (c) Rs 15,000 (d) Rs 85,000
(ii) Find the interest payable to the bank
(a) Rs 2317 (b) Rs 5327 (c) Rs 6319 (d) Rs 9317
(iii) Find the interest payable to the money lender
(a) Rs 4718 20 (b) Rs 3712 80 (c) Rs 11712 80 (d) None of
these
(iv) Find the total interest payable
(a) Rs 6256 70 (b) Rs 6029 80 (c) Rs 9945 80 (d) 4378 50

Ankita Agarwal · Accepted Answer

Dear Student,

Amount needed by Ravi to start a business = Rs 1,00,000Amount Ravi is having in his savings= Rs 85,000Amount borrowed from bank = Rs 7,000Amount borrowed from money lender = Rs 8,000Total Amount borrowed = Rs
7,000+8,000 = Rs 15,000i Total amount borrowed by Ravi = Rs 15,000hence, option c is correctii Interest payable to bankAmount payable to bank after 3 years = 70001+101003= 7000×11103= 7000×1110×1110×1110= 7×11×11×11= Rs 9,317Interest payable to bank = Rs9,317-7000= Rs 2,317Hence, option a is correctiii Interest payable to money lenderHere, Rate of interest is 20% per annum compounded half-yearly,So, Rate = 202% and time period = 2×2 = 4Amount payable to money lender after 2 years = 80001+202×1004= 8000×11104= 8000×1110×1110×1110×1110= Rs 11,712
80So, interest payable = Rs11,712
8-8000= Rs 3,712
80Hence, option b is correctiv Total Interest payable =Rs2317+3712
80= Rs 6,029
80Hence option b is correctFormulas Used: [Amount = Principal1+Rate100Time period]

Regards