Question

A sum of money lent out at simple interest amounts to Rs 2295 in 3 year and Rs 3009 in 5 year. Find the principal.

Answer 1

Answer:

The principal is Rs. 1224

Step-by-step explanation:

Formula used:

$Simple\:interest=\frac{P\:n\:r}{100}$

Let the principal be P

As per given data, we have

$P+\frac{3\:P\:r}{100}=2295$.....(1)

$P+\frac{5\:P\:r}{100}=3009$......(2)

(2)-(1) gives

$\frac{2\:P\:r}{100}=714$

$\implies\:\frac{P\:r}{100}=357$

$\implies\:P\:r=35700$

Now equation (1) becomes

$P+\frac{3(35700)}{100}=2295$

$P+3(357)=2295$

$P+1071=2295$

$P=2295-1071$

$P=Rs.1224$