A sum amounts to rs. 3605 in 219 days at 5% pa.the sum is
Answers
P = Rs. ?
A = Rs. 3605 [GIVEN]
ALSO, GIVEN THAT :
t = 219 days = (219/365) years = 0.6 years
r = 5 %
We can say,
rate × time = 5 × 0.6 = 3
Also, A = P + I
=> 3605 = P + (Prt/100)
=> 3605 = P (1 + rt/100)
=> 3605 = P ( 1 + 3/100)
=> 3605 = P (103/100)
=> 3605 = 103P/100
=> 103P = 360500
=> P = Rs. (360500/103)
=> P = Rs. 3500
________________
Terms and definitions!
● PRINCIPAL : The sum of money which is
deposited into or is taken loan from a bank is called as principal.
● RATE OF INTEREST : The interest of Rs. 100 for 1 year is called the rate of interest per annum.
● TIME : The number of years for which the money is deposited or is taken loan is called as time.
● AMOUNT : Sum of total interest and principal is called the amount.
● TOTAL INTEREST : The extra or additional money which we have to give the organization (bank) or which the organization (bank) will give us after a fixed time is called the total interest.
Answer:−
P = Rs. ?
A = Rs. 3605 [GIVEN]
ALSO, GIVEN THAT :
t = 219 days = (219/365) years = 0.6 years
r = 5 %
We can say,
rate × time = 5 × 0.6 = 3
Also, A = P + I
=> 3605 = P + (Prt/100)
=> 3605 = P (1 + rt/100)
=> 3605 = P ( 1 + 3/100)
=> 3605 = P (103/100)
=> 3605 = 103P/100
=> 103P = 360500
=> P = Rs. (360500/103)
=> P = Rs. 3500
________________
Terms and definitions!
● PRINCIPAL : The sum of money which is
deposited into or is taken loan from a bank is called as principal.
● RATE OF INTEREST : The interest of Rs. 100 for 1 year is called the rate of interest per annum.
● TIME : The number of years for which the money is deposited or is taken loan is called as time.
● AMOUNT : Sum of total interest and principal is called the amount.
● TOTAL INTEREST : The extra or additional money which we have to give the organization (bank) or which the organization (bank) will give us after a fixed time is called the total interest.