Question

A certain sum of money amount to Rs 6300 in 5 years at 5 1/5 simple interest per annum find the sum

Answer 1

Explanation:

Amount=principle+interest

=P+I

=P+P×T×R/100

=6300+6300×5×5.2/100

=6300+163800/100

=6300+1638

=7938

Answer 2

Answer:

The sum of money amounts to 7,938.

Explanation:

Formula:

Sum/Amount = Principal + Interest

Simple Interest= $\frac{P*R*T}{100}$

Given:

Principal= 6300

Time= 5 years

Rate= 5+0.2= 5.2%

To find:

Amount

Solution:

Amount= 6300 + $\frac{6300*5*5.2}{100}$

Amount = 6,300 + 1,638

Amount = 7,938

Definition:

Simple Interest:

• Simple interest is a quick and straightforward way to calculate the interest on a loan.
• Simple interest is calculated by multiplying the daily interest rate by the principal multiplied by the number of days between payments.

Principal:

• The principal amount of a house loan is the amount of money borrowed from the lender, and when the loan is repaid, it may also refer to the amount of money still outstanding.

Rate of Interest:

• The yearly percentage paid by the one who borrows the money to the lender of the money or principal in exchange for a loan of money.

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