Question

if simple interest on a certain sum of money at the rate of 7% per annum for 5 years is 2925 less than its principal, find interest

Answer 1

Answer:

Rs.1575

Step-by-step explanation:

Let the principal be x.

Rate = 7% per annum

Time = 5 years

Simple Interest = x - 2925

S.I = P × R × T / 100

x - 2925 = x × 7 × 5 / 100

20 (x - 2925) = 7x

20x - 58500 = 7x

20x - 7x = 58500

13x = 58500

x = 4500

Hence, simple Interest = Rs.(4500 - 2925) = Rs.1575