Question
Download Solution PDFDamani purchased an item costing ₹7,500 and paid ₹3,500 as a down payment for the same. If the simple interest charged for the remaining amount is 9% per annum and Damani cleared all dues after 4 months of the purchase, how much did Damani pay after 4 months as interest?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Purchased an item at Rs. 7500
Down-payment paid = Rs. 3500
Rate = 9%
Time = 4 months
Formula used:
SI = \(\dfrac{principle × rate × time}{100}\)
1 year = 12 months
4 month = \(\dfrac{4}{12}\)
Calculations:
Amount left to be paid = Rs. (7500 - 3500) = Rs. 4000
SI = \(\dfrac{4000 × 9 × 4}{12 × 100}\)
= 40 × 3 = 120
∴ The answer is Rs. 120
Last updated on Jul 19, 2025
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