Question

A person lent a certain sum of money at 4 % per annum and simple interest and in 8 years the interest amounted to Rs.340 less than the sum lent.what was the sum lent?

Answer 1

Let the sum be x.

R=4% p.a.

T=8 years

SI=x*4*8 / 100 =8x / 25

According to the question,

x - 8x/25 = 340

17x/25=340

x=340*25 / 17=500  

so, sum lent was Rs. 500