Question
Download Solution PDFConsider the given question and decide which of the following statements is sufficient to answer the question.
X took a loan from Y on compound interest. Find the rate per annum?
Statements:
1. After 3 years, X paid Rs. 500 as interest.
2. After 3 years, X paid Rs. 1,500 to clear his loan with Y.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFX took a loan from Y on compound interest.
Statement 1:
After 3 years, X paid Rs. 500 as interest.
Interest = Rs. 500
⇒ A = P(1 + r/100)t,
But the principal amount is not given so we cannot find the rate.
Statement 2:
After 3 years, X paid Rs. 1,500 to clear his loan.
Amount = Rs. 1500
⇒ A = P(1 + r/100)t,
But neither the principal amount nor interest is given, so we cannot find the rate.
Statement 1 and 2 together:
Amount = Rs. 1500, interest = Rs. 500
⇒ Principal = Rs. 1000
Hence, the rate can be calculated using both statements together.
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