Question
Download Solution PDFA lends ₹ 30,000 to B at the rate of 10% per annum on simple interest. After 5 years, B returned ₹ 40,000 and a watch to settle the dues. Find the price of the watch.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹30,000
Rate (r) = 10% per annum
Time (t) = 5 years
Amount returned by B = ₹40,000 + 1 watch
Formula used:
Simple Interest (SI) = \(\frac{P \times r \times t}{100}\)
Amount (A) = Principal (P) + Simple Interest (SI)
Calculations:
SI = \(\frac{30000 \times 10 \times 5}{100}\)
⇒ SI = ₹15,000
A = P + SI
⇒ A = ₹30,000 + ₹15,000
⇒ A = ₹45,000
Price of the watch = Total Amount - Amount returned
⇒ Price of the watch = ₹45,000 - ₹40,000
⇒ Price of the watch = ₹5,000
∴ The correct answer is ₹5,000.
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