Question

Nisha borrows ₹ 28,000 at the rate of 4 % for some period of time. At the end of the term she pays ₹ 2240 interest. What is the period of time for which Nisha has to pay the interest?

Answer 1

Hi ,

It is given that ,

Principal ( P ) = Rs 28000

Rate of interest ( R ) = 4%

Simple interest ( I ) = Rs 2240

Let the Time = T years

We know that ,

( PTR )/100 = I

T = ( 100 × I )/( PR )

T = ( 100 × 2240 )/( 28000 × 4 )

After cancellation, we get

T = 2 years

I hope this helps you.

: )

Answer 2

Acc to the question, Nisha borrows ₹ 28,000 at the rate of 4 % for some period of time.

Let the time be T years.

Again it is said that at the end of the T years she pays ₹ 2240 as interest.

We have to find the period of time for which Nisha has to pay the interest.

We know that,

Interest = $\frac{(Principal * Rate * Time)}{100}$

or, Time = $\frac{Interest * 100}{Principal * Rate}$

or, Time = $\frac{2240 * 100}{28000 * 4}$

or, Time = $\frac{224000}{112000}$

or, Time = 2 years. [Ans]