Question

Find the principal and simple interest with rate of interest per annum = 3.5% ,time period =2years and amount =$535

Answer 1

A = 535$

R% = 3.5%

T = 2 Years

SI = A - P

SI = 535 - P

P = 535 - SI

By SI formula

SI = (P*T*R)/100

SI = ((535-SI)*2*3.5)/100

100SI = (535-SI)*7

100SI = 3745 - 7SI

100SI + 7SI = 3745

107SI = 3745

SI = 3745/107

SI = 35$

P = A - SI

P = 535 - SI

P = 535 - 35

P = 500$

Answer 2

Given R = 3.5%, T = 2 years Amount = Rs 535 Recall A = P(1+TR/100) ⇒ 535 = P[1+ (2× 3.5)/100] ⇒ 535 = P[107/100] ⇒ P = 535 × (100/107) = 500 Hence principal P = Rs 500 Simple interest, I = (PTR)/100 = (500 × 2 × 3.5)/100 = (5 × 2 × 3.5) = 35 Hence interest = Rs 35

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