A person lent a certain sum of money at 4% per annum at simple interest and in 8 years the interest he received is rs.340 less than the sum lent. what was the sum lent?
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Hey... It is Stated in the question that a person lent some money at 4% Per annum at simple interest..
So R=4% and
Method followed is Simple Interest.
We know that Simple Interest = PTR/100
where P = Principal Amount, T= Time ,R= Rate of Interest Per annum
It is also provides that in 8 years ,the interest he recieved is 340 Less then sum lent
So T= Time=8years
Given that the interest recieved is 340 Less than sum lent..so if Sum lent is 'X' then Interest recieved will be 'X - 340'
So P= Principal Amount= X
S.I= Simple Interest= X - 340
Substituting these in the formula we get
SI= PTR/100
X-360=X*8*4/100
X-360= X*8/25
25(X-360)=X*8
25X-9000=8X
17X=9000
X=9000/17=530.. Therefore the amount lent is 530.
So R=4% and
Method followed is Simple Interest.
We know that Simple Interest = PTR/100
where P = Principal Amount, T= Time ,R= Rate of Interest Per annum
It is also provides that in 8 years ,the interest he recieved is 340 Less then sum lent
So T= Time=8years
Given that the interest recieved is 340 Less than sum lent..so if Sum lent is 'X' then Interest recieved will be 'X - 340'
So P= Principal Amount= X
S.I= Simple Interest= X - 340
Substituting these in the formula we get
SI= PTR/100
X-360=X*8*4/100
X-360= X*8/25
25(X-360)=X*8
25X-9000=8X
17X=9000
X=9000/17=530.. Therefore the amount lent is 530.
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