Question

Neeraj borrowed a sum of money at 10 % per annum from a bank. If he paid Rs. 1863.75 as interest for 2 years, find the sum.​

Answer 1

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Answer 2

Given,

Rate of Interest at which Neeraj borrowed a sum of money = 10% per annum

Amount paid by Neeraj = Rs. 1863.75

Time period = 2 years

To Find,

The sum =?

Solution,

We can solve the question using the following steps:
We know,

$S.I. = \frac{P*R*T}{100}$

Here, $S.I. =$ Simple Interest/ Final Amount

             $P =$ Principal Amount

             $R =$ Rate of Interest

             $T =$ Time period

Substituting the given values,

$1863.75 = \frac{P*10*2}{100}$

$\frac{1863.75*100}{20} = P$

$9318.75 = P$

Hence, the sum borrowed by Neeraj is Rs. 9318.75.