If simple interest on a certain principal at 6% per annum for 5 months be Rs. x/10, then what is the principal?
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On what principal will the simple interest be Rs.7,008 in 6 years 3 months at 5% per year ?
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Correct option is
A
22426
Simple Interest is given by
I=
100
PNR
Where I = simple interest
P = Principal
N = number of years
R = rate of interest
Given,
I=Rs.7008
N=6 years and 3 months =6
12
3
=6
4
1
=
4
25
years
R=5%
Substituting the values in the formula:
⇒7008=
100
P×
4
25
×5
⇒7008=
400
P×125
⇒P=Rs.22425.60
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