Rs 427 50 was paid as interest on Rs 3050 If the rate was 6%p a and the amount was - Maths - Simple Interest

Question

Rs 427 50 was paid as interest on Rs 3050 If the rate was 6%p a and
the amount was borrowed on January 10,2001 , what was the date on
which the loan was recovered?

Shruti Tyagi · Accepted Answer

Dear Student,

Simple Interest=PRT100427 50=3050×6×T100⇒427
50=305×6×T10⇒427 50=1830×T10⇒427
50=183×T⇒T=427
50183conerting it into number of daysT=427
50183×365=852
66 days or we can say 853 daysthe  number of days in 2 years =2×365=730Hence till january 10, 2003 are coveredremaining days=853-730=123jan 10 +123 days21 days in jan, 28 days in feb, 31 days in march+30 days in apr+13 days in mayHence loan was recovered on 13th May 2003
Regards,

Rs.427.50 was paid as interest on Rs.3050.If the rate was 6%p.a and the amount was borrowed on January 10,2001 , what was the date on which the loan was recovered?