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?Answer is 10th July,2003 Show the
process

Shruti Tyagi · Accepted Answer

Dear Student,

The interest paid is given incorrectly in the question it is 457
50 and not 427
50Simple interest=PRT100Putting values in above formula457
50=3050×6×T100457
50×100=3050×6×T45750=3050×6×TT=457503050×6T=4575018300=457
5183=2
5 yearshence we get 2 years and 6 monthsthus january 10, 2003 the 2 years will be completednext 6 months will be covered on july 10, 2003
If the interest was 427 50then T=427
50183=2
336 Yearsby jauary 10, 2003 the 2 years are coverednow converting 0
336 years into days, we get0
336×365=122
66Hence 122 days after january 10, 2003we can covere 21 days in jan, 28 in feb,31 in march, 30 in apr=110 daysrest 12 days will be covered in mayHence date of recovery =12th may 20043 which is not matching with your answer
Hence correct interest amount is 457
5 and date of recovery is july 10, 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?Answer is 10th July,2003.Show the process.