Question

How long will it take a principal of $350 to earn $56 interest at 8% per year
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Answer 1

Answer:

2 year

Step-by-step explanation:

PTR÷ 100 = intrest

Given :

principal : 350

interest : 8percent

350×8×T÷100=56

350×8×T=56×100

T = 56×100÷350×8

T=2

Therefore it requires 2years

Answer 2

➤ Given :-

Principle :- ₹ 350

Simple Interest :- ₹ 56

Rate of interest :- 8%

➤ To Find :-

Time given for the given sum.............

➤ Formula required :-

${\large\tt \dashrightarrow \orange{ \boxed{ \tt \gray{ \frac{SI \times 100}{P \times R}}}}}$

➤ Solution :-

Time :-

${\tt \longrightarrow \dfrac{56 \times 100}{350 \times 8}}$

$\tt \longrightarrow \dfrac{ \cancel{56} \times 100}{350 \times \cancel{8}} = \dfrac{7 \times 100}{350 \times 1}$

${\tt \longrightarrow \cancel \dfrac{700}{350} = \boxed{ \tt 2 \: \: years}}$

$\Huge\therefore$The time taken in the following sum is 2 years.

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$\dashrightarrow$Some related formulas :-

Simple Interest :- ${\boxed{\tt\dfrac{P \times R \times T}{100}}}$

Principle :- ${\boxed{\tt\dfrac{SI \times 100}{R \times T}}}$

Rate of interest :- ${\boxed{\tt\dfrac{SI \times 100}{P \times T}}}$

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More to know................

• Simple Interest is the extra amount to be given when a person borrows money from a bank or a person. The lender is a person who gives money. The borrower is a person who takes money.
• Principal is the amount given at first from lender to borrower.
• Rate of interest is the extra amount to be given from borrower to lender, it is always written in percentage format.
• Time is given for the borrower to return the given money with the given interest.