Question

Amount= Rs.8160
rate of interest= 12%
Time= 3 years

Find the principal amount and simple interest

Answer 1

The principal amount is Rs. 6000.

The simple interest is Rs. 2160.

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Let's understand a few concepts:

To calculate the simple interest we will use the following formula:

$\boxed{\bold{Simple\:Interest = \frac{Principal \times Rate \times Time}{100} }}$

To calculate the amount in a simple interest we will use the following formula:

$\boxed{\bold{Amount = Principal + Simple \:Interest}}$

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Let's now solve the given problem:

The amount = Rs. 8160

The no. of years i.e., Time = 3 years

The rate of interest i.e., Rate = 12% p.a.

Let "P" represent the principal amount.

By combining the above two formulas, we get

Amount - Principal = (Principal × Rate × Time) / 100

⇒ 8160 - P = (P × 12 × 3) / 100

⇒ 100 (8160 - P) = (P × 12 × 3)

⇒ 816000 - 100P = 36P

⇒ 816000 = 136P

⇒ P = Rs. 6000

Therefore,

The simple interest is,

= Amount - P

= Rs. 8160 - Rs. 6000

= Rs. 2160

Thus, the principal amount is Rs. 6000 and the simple interest is Rs. 2160.

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