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Shubham borrowed certain amount from bank at rate of 15% per annum simple interest for 3 years. If he fails to pay debt after 3 years, then rate of interest is increased to 20% and Shubham pay his debt at the end of 5 years and paid Rs. 4800 extra, then what is the amount borrowed by Shubham?

Shubham borrowed certain amount from bank at rate of 15% per annum simple interest for 3 years. If he fails to pay debt after 3 years, then rate of interest is increased to 20% and Shubham pay his debt at the end of 5 years and paid Rs. 4800 extra, then what is the amount borrowed by Shubham? Correct Answer Rs. 12000

GIVEN:

Original rate = 15% and time = 3 years

FORMULA USED:

SI = PRT/100

P = Principal, T = Time, R = Rate

CALCULATION:

Let amount borrowed by Shubham be ‘x’.

Amount of interest after 3 years = (x × 15 × 3)/100 = 0.45x

Amount of interest after 5 years = /100 = 0.85x

According to the question:

0.85x – 0.45x = 4800

⇒ 0.4x = 4800

⇒ x = 12000

∴, amount borrowed by Shubham = x = Rs. 12000

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