Question

find principal and simple interest if rate of interest is equals to 3.5 % time is equals to 2 years and amount is equals to rupees 535

Answer 1

Given : Rate of interest = r = 3.5% ,

Time = t = 2 years

And

Amount = Rs 535

Let principle amount = P

We know simple interest = P × r ×t 100
And

Amount = Principle amount + simple interest

So,

p + P r t100 = 535⇒p + P× 3.5 × 2100 = 535⇒p + 7P 100 = 535⇒ 100 P + 7P 100 = 535⇒107P = 53500⇒P = 53500107⇒P =500

So,

Principle amount = Rs . 500

And

Simple interest = 535 - 500 = Rs . 35