Question

In what time will the simple interest on rs 1750 at 9% per Annum be the same as that on rs 2500 at 10.5% per annum in 4 year?

Answer 1

▶ VITAL TERMS & DEFINITIONS ◀

✔ PRINCIPAL : The sum of money which is
deposited into or is taken loan from a bank is called as principal.

✔ RATE OF INTEREST : The interest of Rs. 100 for 1 year is called the rate of interest per annum.

✔ TIME : The number of years for which the money is deposited or is taken loan is called as time.

✔ AMOUNT : Sum of total interest and principal is called the amount.

✔ TOTAL INTEREST : The extra or additional money which we have to give the organization (bank) or which the organization (bank) will give us after a fixed time is called the total interest.

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$\underline\bold{\huge{SOLUTION \: :}}$

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Let "P" be the principal, "r" be the rate of interest per annum and "t" be the time period.

Then, "I" will be the interest on that sum of money (principal) at r% for t years.

So, P = Rs. 2500, r = 10.5%, t = 4 years

I = Rs.{(2500×10.5×4)/100}

=> I = Rs. 1050

Given condition : The interest will be equal.

So, When, P = Rs. 1750, r = 9 %, then, I = Rs. 1050

So, t = {(1050×100)/(1750×9)} years

=> t = 20/3 years.

=> t = $6 \frac{2}{3} years$

Answer 2

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