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Vivek borrowed a certain amount from the bank for 1 year at 30% CI interest being calculated every 4 months. If the rate of interest was 30% SI, then how much more time Vivek will take to pay his debt completely provided he paid same amount of interest?

Vivek borrowed a certain amount from the bank for 1 year at 30% CI interest being calculated every 4 months. If the rate of interest was 30% SI, then how much more time Vivek will take to pay his debt completely provided he paid same amount of interest? Correct Answer 1.24 months

Let borrowed amount be 100x

Effective rate of interest = 30/3 = 10% (interest is calculated every 4 months)

Amount of interest at the end of 1 year = 100x × (1.13 – 1) = 33.1x

Let time taken to pay his debt when SI is charged be ‘t’ years

According to the question,

(100x × 30 × t)/100 = 33.1x

⇒ t = 331/300

⇒ t = 13.24 months

∴ Extra time taken = 13.24 – 12 = 1.24 months

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