Question

A finance company lends a certain sum to a customer at 10.5% interest and receives ₹37800 as interest at the end of 4 years. What was the sum of money lent to the customer?

Answer 1

Answer:

• Simple interest is the method of calculating interest charged on the amount invested in a fixed deposit.
• Understanding the Simple Interest Formula is essential to know about the basics of Finances.
• Simple Interest is calculated on the principal amount on a daily/monthly/annual basis.
• Principal Amount remains constant during the entire tenure on Simple Interest.
• The formula for calculating Simple Interest is P x r x t ÷ 100, where P=Principal Amount, Rate of Interest & T= Time.
• With a Simple Interest Calculator, you can calculate the interest without any error by saving time and efforts.

Answer 2

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Simple interest is the method of calculating interest charged on the amount invested in a fixed deposit.

Understanding the Simple Interest Formula is essential to know about the basics of Finances.

Simple Interest is calculated on the principal amount on a daily/monthly/annual basis.

Principal Amount remains constant during the entire tenure on Simple Interest.

The formula for calculating Simple Interest is P x r x t ÷ 100, where P=Principal Amount, Rate of Interest & T= Time.

With a Simple Interest Calculator, you can calculate the interest without any error by saving time and efforts.