a money lender lent a certain sum of money at 11% simple interest in 9 years in the interest amounted to 20 rupees less than the sum lent. Find the sum lent
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Given: a money lender lent a certain sum of money at 11% simple interest in 9 years in the interest amounted to 20 rupees less than the sum lent
To Find : sum lent
Solution:
Let say Sum lent = 100P Rs
Interest Earned = 100P - 20 Rs
Time = 9 years
Rate of interest R = 11 %
SI = P * R * T/100
100P - 20 = 100P * 11 * 9 /100
=> 100P - 20 = 99P
=> P = 20
=> 100P = 2000
Hence Sum lent = Rs 2000
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