Mathematics Part i Solutions Solutions for Class 7 Math Chapter 2 Money For Money! are provided here with simple step-by-step explanations. These solutions for Money For Money! are extremely popular among class 7 students for Math Money For Money! Solutions come handy for quickly completing your homework and preparing for exams. All questions and answers from the Mathematics Part i Solutions Book of class 7 Math Chapter 2 are provided here for you for free. You will also love the ad-free experience on Meritnation’s Mathematics Part i Solutions Solutions. All Mathematics Part i Solutions Solutions for class 7 Math are prepared by experts and are 100% accurate.
Page No 23:
Question 1:
Can you calculate?
Leela took a loan of Rs 50000 from the Cooperative Bank. The interest rate is 12%. How much should she pay back after 2 years?
Answer:
Amount of loan, p = Rs.50000
Rate of interest, r = 12%
Number of years, n = 2
We know that the interest can be calculated using the formula
On substituting the values of p, r and n, we get
Thus, the interest is Rs.12000.
Amount to be paid after 2 years = Rs.50000 + Rs.12000 = Rs.62000
Page No 23:
Question 2:
Can you calculate?
Basheer deposited 27000 rupees in a bank. Where interest is calculated at 9%.
How much would he get back after 2 years?
Answer:
Amount deposited, p = Rs.27000
Rate of interest, r = 9%
Number of years, n = 2 years
We know that the interest can be calculated using the formula
On substituting the values of p, r and n, we get
Thus, the interest is Rs.4860.
Amount he would get back after 2 years = Rs.27000 + Rs.4860 = Rs.31860.
Page No 25:
Question 1:
Can you find out?
Annie deposited 5000 rupees for 2 years in a bank which offers 9% compound interest. How much will she get back after 2 years?
Answer:
Amount deposited by Annie = Rs.5000
Rate of compound interest = 9%
Number of years, n = 2
Interest for the first year = Rs.5000 ×= Rs.450
Principal for the second year = Amount deposited + interest for the first year
= Rs.5000 + Rs.450
= Rs.5450
Now, the interest for the second year is calculated on the amount Rs.5450.
∴Interest for the second year = Rs.5450 × = Rs.490.50
So, the total interest for 2 years = Rs.450 + Rs.490.50 = Rs.940.50
Thus, the total amount Annie would get after 2 years = Rs.5000 + Rs.940.50 = Rs.5940.50
Page No 25:
Question 2:
Can you find out?
Johny deposited 15000 rupees in a bank which compounds interest at 8%. He withdrew the amount after 2 years. Suppose simple interest was given instead of compound interest. What would be the difference in interest?
Answer:
Amount deposited by Johny = Rs.15000
Rate of compound interest = 8%
Number of years, n = 2
Case 1: When compound interest is given
Interest for the first year = Rs.15000 ×= Rs.1200
Principal for the second year = Amount of money deposited + interest for the first year
= Rs.15000 + Rs.1200
= Rs.16200
Now, the interest for the second year is calculated on the amount Rs.16200.
∴ Interest for the second year = Rs.16200 × = Rs.1296
So, the total interest for 2 years = Rs.1200 + Rs.1296 = Rs.2496
Case 2: When simple interest is given
Simple interest on Rs.15000 at 8% interest for 2 years = Rs.15000 × × 2
= Rs.2400
Thus, the difference between the compound interest and the simple interest = Rs.2496 − Rs.2400
= Rs.96
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