John lent ₹2550 to Mohan at 7.5 per cent per Annam. If Mohan discharges the debt after 8 month by giving the old black and white television and ₹ 1422.50. Find the price of the television.
Given:
Principal amount = ₹ 2550
Rate = 7.5%
To find: We have to find the price of the television.
Solution:
Time = $\frac{8}{12}$ years = $\frac{2}{3}$ years
$S.I\ =\ \frac{P\ \times \ R\ \times \ T}{100}$
$S.I\ =\ \frac{2550\ \times \ 7.5\ \times \ 2}{100\ \times \ 3}$
$S.I\ =\ \frac{850\ \times \ 7.5\ \times \ 1}{50\ \times \ 1}$
$S.I\ =\ \frac{17\ \times \ 7.5\ \times \ 1}{1\ \times \ 1}$
$S.I\ =\ ₹\ 127.50$
So,
Total amount to be paid after 8 months = Principal amount $+$ Interest
Total amount to be paid after 8 months = ₹ 2550 $+$ ₹ 127.50 = ₹ 2677.50
Now, given that Mohan discharges the debt by giving the old black and white television and ₹ 1422.50. So,
Cost of TV $+$ ₹ 1422.50 = ₹ 2677.50
Cost of TV = ₹ 2677.50 $-$ ₹ 1422.50
Cost of TV = ₹ 1255
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