Question

If sohail pays ₹1.30 for using prabhu's money from 2nd January to 7th January at 3% per month. How much loan had sohail taken from prabhu?

Answer 1

Amount Paid =  ₹1.30

Rate of interest for 1 month (30 days) = 3 % = 3/100 = 0.03

Rate of interest for 1 day = 0.03/30 = 0.001

Rate of interest for 6 days (2nd to 7th) = 0.001 × 6 = 0.006

Let the principal amount = x

Then

x + x(0.006) = 1.30

(1+0.006) x = 1.30

1.006 x = 1.30

       x  = 1.30/1.006

       x =  ₹ 1.2992  ( Sohail took this amount of money from Prabhu )

Answer 2

Answer:

₹263.61

Step-by-step explanation:

Interest=₹1.30

Rate of Interest=3%per month

(3×12)=36%per annum(p.a.)

Time=5 days=1/73 year

So Principal(loan amount)=I×100/R×T

=₹(1.30×100×73/36×1)

=₹263.61