Sameer borrowed a certain sum of money from Geeta at 7.5% simple interest. If he paid an interest of
₹1100 for 4 months, how much money did Sameer borrow from Geeta?
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Answer:
Formula for calculating
Simple Interest(SI)= (P×R×T)/100
Given,
SI=₹1100
Time(T)= 1/3 year.
(
Since 12 months = 1 year
4 months = 1/3 year
)
Rate(R) = 7.5%
To find P
1100=(P×7.5×(1/3))/100
(110000×3)/7.5=P
44000=P
Therefore Sameer borrowed ₹44000 from Geeta
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