Question

A sum of money lent out at simple interest amounts to Rs. 720 after 2 years and to Rs. 1,020 after a further period of 5 years. The sum and the rate % are

Answer 1

Principal + SI for 2 years = 720 Rs. ……(I)

Principal + SI for 7 years = 1020 Rs. ……(II)

Subtracting equation (I) from (II),

S.I. for 5 years = (1020 – 720) = 300 Rs.

∴ S.I. for 2 years = 300\times = 120 Rs.

∴ Principal = (720 – 120) = 600 Rs.

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