Question

Jagdish borrowed a sum from bank for buying a rickshaw. After 3 years, he paid Rs 4572 and settled the
accounts. If the rate of interest is 9% per annum, what sum did he borrow?
​

Answer 1

Given:

After 3 years, the amount paid was Rs 4572 at rate of 9% per annum.

To Find:

The amount borrowed by him

Solution:

$SI =\frac{PRT}{100}$.............(i)

SI = Amount - Principal...........(ii)

Comparing the equations (i) and (ii), we get

         $4572 - P= \frac{P.9.3}{100}$

⇒ 100 (4572-P) = 27P

⇒ 457200- 100P = 27P

⇒ 457200 = 27P + 100P

⇒127P = 457200

⇒P = (457200/127) = 3600

Hence, Jagdish borrowed Rs 3600 from the bank