Question

1. A businessman paid rs 450 as simple interest on a sum borrowed for a period of 3 years at an interest rate of 2.5% pa .Find the sum borrowed by him.

Answer 1

Solution:

Simple Interest = ₹450
Time = 3 years
Rate = 2.5% per annum

Sum = 100 × S. I./R × T = 100 × 450/2.5 × 3 = ₹6,000

Hope this helps.

Answer 2

simple interest = p×r×t/100
p=450
r=2.5%
t=3years
simple interest = 450×2.5×3/100
=33.75