John lent ₹2550 to Mohan at 7.5 per cent per Annam. If Mohan discharges the debt after 8 month by giving the old black and white television and ₹ 1422.50. Find the price of the television.

Given:

Principal amount = ₹ 2550

Rate = 7.5%

To find: We have to find the price of the television.

Solution: 

Time = $\frac{8}{12}$ years = $\frac{2}{3}$ years

$S.I\ =\ \frac{P\ \times \ R\ \times \ T}{100}$

$S.I\ =\ \frac{2550\ \times \ 7.5\ \times \ 2}{100\ \times \ 3}$

$S.I\ =\ \frac{850\ \times \ 7.5\ \times \ 1}{50\ \times \ 1}$

$S.I\ =\ \frac{17\ \times \ 7.5\ \times \ 1}{1\ \times \ 1}$

$S.I\ =\ ₹\ 127.50$

So,

Total amount to be paid after 8 months = Principal amount $+$ Interest

Total amount to be paid after 8 months = ₹ 2550 $+$ ₹ 127.50 = ₹ 2677.50

Now, given that Mohan discharges the debt by giving the old black and white television and ₹ 1422.50. So,

Cost of TV $+$ ₹ 1422.50 = ₹ 2677.50

Cost of TV = ₹ 2677.50 $-$ ₹ 1422.50

Cost of TV = ₹ 1255

Tutorialspoint

Updated on: 10-Oct-2022

17 Views

Kickstart Your Career

Get certified by completing the course

Get Started