a sum of money borrowed on 26th march is repaid on 7th june in the same year. if the simple interest paid is ₹75.75 @ 7.5% p.a. find the sum borrowed.
Answers
Answered by
3
Answer:
Sum of money borrowed is $5050.
Step-by-step explanation:
Let the sum of money be P
Time = 26th March to 7th June = 73 days
= 1/5 years
Rate = 7.5% p.a
Interest = $75.75
Interest = P x R x T/100
75.75 = P x 7.5/100 x 1/5
75.75 = P x 1.5/100
75.75 x 100/1.5 = P
$5050 = P
Therefore, the sum of money borrowed is $5050.
Similar questions