Lataben borrowed some money from a bank at a rate of 10 p.c.p.a interest for 2 1/2 years to start a cottage industry if she paid 10250 rupees as total interest how much money had she borrowed?
Answers
If she paid Rs.10250 as total interest for a cottage industry then the amount of money she borrowed is Rs. 41000.
Step-by-step explanation:
Let the amount borrowed by Lataben be Rs. “x”.
Rate of interest, R = 10% p.a.
Time period, T = 2½ years = years
Total Interest earned, I = Rs. 10250
The formula for the simple interest is given by,
S.I. =
By substituting the given values in the above formula, we get
10250 = [P*10*] / 100
⇒ 10250 = [P*50]/200
⇒ P = [10250 * 200] / 50
⇒ P = Rs. 41000
Thus, the amount borrowed by Lataben was Rs. 41000.
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