Question

Harish borrows Rs. 2500 at 3% per annum and Rs. 1000 at 5% per annum interest. What interest will harish have to pay after two years?

Answer 1

Hint: We can solve the given question using the formula of the simple interest $I = \dfrac{P \times T \times R}{100}$. First, we have to find the interest obtained for 2500 at a span of two years and find the interest obtained by the for 1000 at a span of two years, and then by adding both the interests we can get the interest paid after two years.

Complete step-by-step solution:
Given that the first principle amount borrowed by harish is 2500 at rate 3% per annum
We know that $I = \dfrac{P \times T \times R}{100}$
Where P = principle,
T = time
R = rate of interest
and I = simple interest
so by substituting the given values in the formula,
the simple interest obtained for the first principle is
$ I_1 = 2500 \times 2 \times \dfrac{3}{100}$
$\Rightarrow I_1 = 150$
Given that the second principle amount borrowed by harish is 1000 at the rate of 5% per annum
and the simple interest obtained for the second principle is
$I_2 = 1000 \times 2 \times \dfrac{5}{100}$
$\Rightarrow I_2 = 100$
so in order to get the total interest obtained for 2 years, we need to add the simple interests of both the principles
$I = I_2 + I_1 = 150 + 100 = 250$
The interest to be paid by harish after 2years is Rs.250.

Note: Read the question properly. This question can be misunderstood as the first principle amount is given is taken as that interest is the only the first year and the second principle amount is only in the second year, then they add both for one year each, which is absolutely wrong. We cannot assume the conditions in the question if they are not given.