Question

2. How long must a P40,000 note bearing 4% simple interest run to amount to P41,350.00.


show your solution ​

Answer 1

Answer:

Interest 51,200 - 40,000= 11,200

Time = (I x100)/(P x R)

=

(11,200 x 100)/40000 x 12

= 7/3 or 2 years and 4 months

853 views

View upvotes

4

Related questions (More answers below)

Answer 2

Given: Principal(P)= Rs. 40,000

          Rate of Interest(R)= 4%

           Amount(A)= Rs. 41,350

To find Time taken(T)

Solution: The amount of money that is initially borrowed or invested in a bank is termed the Principal(P). When the principal amount is provided to someone at a certain rate on a certain interval of time, that is referred to as Rate of Interest(R).

We know that Amount(A)= Simple Interest(S.I.)+Principal(P)

⇒ Simple Interest(S.I.)= Amount(A)- Principal(P)

⇒ Simple Interest(S.I.)=Rs.(41350- 40000)

                                   = Rs. 1350

Now S.I. = (P×T×R)/100

⇒ T=(S.I×100)/(P×R)

⇒ T=(1350×100)/(40000×4) years

⇒ T=(135×1)/(40×4) years

⇒ T=135/160 years

⇒ T= (135×12)/160 months [∵ 1year= 12 months]

⇒ T=1620/160 months

⇒ T= 81/8 months

⇒ T= 10(1/8) months

Hence the time taken is 10(1/8) months.