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Ramesh borrowed Rs 2000 at 2% per annum and Rs 1000 at 5% per annum. He cleared his debt after 2 years by giving Rs 2800 and a watch. What is the cost of the watch ?

Ramesh borrowed Rs 2000 at 2% per annum and Rs 1000 at 5% per annum. He cleared his debt after 2 years by giving Rs 2800 and a watch. What is the cost of the watch ?

Grade:7

1 Answers

Vijay
48 Points
2 years ago
Answer- Rs 380 
Explanation -
 
Case- 1 
A/Q , Ramesh borrowed Rs 2000 at 2% per annum and cleared his dept after 2 yrs.
Therefore Principal amount = Rs 2000
                  Rate of interest = 2%
                  Given time = 2 yrs
Using the formula ,
                                     Simple Interest (SI) = Principal Amount (P)  x  Rate of interest (R)  x Time (T)
                                                                                                                  100
therefore,  SI = 2000 x 2 x 2   =  Rs 80     Amount ( after 2 yrs) = Rs 2080
                                   100
 
Case- 2
A/Q , Ramesh borrowed Rs 1000 at 5% per annum and cleared his dept after 2 yrs.
Therefore Principal amount = Rs 1000
                  Rate of interest = 5%
                  Given time = 2 yrs
Using the formula ,
                                     Simple Interest (SI) = Principal Amount (P)  x  Rate of interest (R)  x Time (T)
                                                                                                                  100
therefore,  SI = 1000 x 5 x 2   =  Rs  100    ,      Amount ( after 2 yrs) = Rs 1100
                                   100
 
Total Amount after 2 yrs = Rs 2080 + Rs 1100 = Rs 3180 
As per Question he repaid the amount = Rs2800. with watch 
 
so Cost of watch = Total Amount ( after 2 yrs ) – ( paid money )
                              =  Rs 3180 – Rs 2800 
                              = Rs 380
 
So the required answer is Rs 380.
 
Thankyou.
 

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