Question

A finance company charges PKR 55 simple interest on a sum of money which is borrowed for five months. given that the rate of interest is 12% per annum. Find the sum of money. * PKR 550.00/ PKR 5500.00/ PKR 1000.00/ PKR 1100.00

Answer 1

Answer:

Step-by-step explanation:

Principal =550

rate of interest is 12%

Time =5/12 months

Simple interest 550×12×5/100×12=27.5

So add 550+27.5=577.5

Principal=5500

Time=5/12 months

Rate of interest=12%

Simple interest=5500×12×5/100×12=275

Amount=5500+275=5775

Principal=1000

Rate of interest=12%

Time=5/12 months

Simple interest= 1000×12×5/100×12=50

Amount =1000+50=1050

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