Question

A sum fetched a total simple interest of rs. 929.20 at the rate of 8 p.c.p.a. in 5 years. what is the sum?

Answer 1

simple interest = ptr/100
si= PTR/100

HERE
S.I = 929.20
T = 5 years
R = 8 pcpa

929.20= (P *5* 8)/100

so P = (929.20*100)/(5*8) = 2323 RS

so sum is principle+ simple interest= 2323+929.2= 3252.2 rs

Answer 2

Sum is Rs.2323

Simple interest is interest calculated on the principal portion of a loan or the original contribution to a savings account. Simple interest does not compound, meaning that an account holder will only gain interest on the principal, and a borrower will never have to pay interest on interest already accrued.

We know the formula for Simple Interest is PTR100,

where.

P = Principal.

T = Time period in years.

R = Rate of interest per annum.

To solve the question,

Simple Interest = Rs.929.20

Principal = ?

Time period = 5 years

Rate of interest per annum = 8%

Principal = 100×SI/RT

=100×929.20/8×5

= Rs.2323 which is our sum.

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