Question
Piyush initially took a loan from Vivek at a simple interest rate of 8% per annum, and after a duration of two years, he repaid the borrowed amount. Subsequently, he secured another loan amounting to two-thirds of the initial sum from Rajan, also at a simple interest rate, but at 12% per annum for another period of two years. The aggregate sum borrowed by Piyush across these transactions totaled Rs. 25,000. Calculate the total amount Piyush repaid to both Vivek and Rajan.
Solution
Let the amount borrowed by Piyush from Vivek be Rs. ‘x’ So, the amount borrowed by Piyush from Rajan = Rs. (2x/3) x + (2x/3) = 25000 5x = 75000 x = Rs. 15000 Money to be repaid to Vivek = 15000 + (15000 × 0.08 × 2) = Rs. 17400 Money to be repaid to Rajan = {(2 × 15000)/3} + {(2 × 15000)/3} × 0.12 × 2 = 10000 + 10000 × 0.24 = Rs. 12400 Total amount to be repaid by Piyush = 17400 + 12400 = Rs. 29800
More Simple and compound interest Questions
- A person borrowed Rs. 9,300 at 11% p.a. and Rs. 6,700 at 13% p.a. simple interest. If the total interest paid after ‘n’ years is Rs. 5,486, find the value ...
- Aman invested Rs. 'a' and Rs. (a + 2100) in SIP 'P' and 'Q', respectively, in a way that the amounts received from both SIPs after 2 years are equal. If SI...
- Ramesh deposited Rs. 10,500 at 18% per annum for 2 years and Rs. 7,200 at 22% per annum for 4 years. Calculate the total simple interest he received.
- Find the ratio of simple interest and compound interest compounded annually received on a certain sum of at 20% rate of interest after two years respective...
- A sum of money at a specific annual simple interest rate grows to Rs. 2900 in 3 years and Rs. 3500 in 5 years. Calculate the interest earned when this same...
- Ankit invested a total of Rs. 63,000 between two SIPs: 'P', offering 10% compound interest compounded annually, and 'Q', offering 12% simple interest per a...
- A man invested a certain amount of sum at 12.5% per annum simple interest and earned an interest of Rs. 2700 after 3 years. If the same amount is invested ...
- The difference between CI and SI on a sum for 2 years at 8% per annum is Rs 64. Find the principal.
- The difference between compound and simple interest on a sum of money for 2 years at 4% per annum is Rs. 728. The sum is:
- Raju invests a certain amount at an annual simple interest rate of 6% for 2 years. The total amount he receives after this period is then reinvested at an ...
Relevant for Exams:
