Question

The simple interest accrued on an amount in 7 years at the rate of 12% per annum is rs 71400. What is the principal?

Answer 1

The principal = Rs. 85000

Given :

The simple interest accrued on an amount in 7 years at the rate of 12% per annum is Rs. 71400

To find :

The principal

Formula Used :

In case of Simple interest

Principal = P

Interest = I

Time = T

Rate of interest = R %

Then ,

$\displaystyle \sf{}I = \frac{PRT}{100}$

Solution :

Step 1 of 2 :

Write down interest , Rate of interest , Time

Principal = P = ?

Interest = I = Rs. 71400

Time = T = 7 years

Rate of interest = R% = 12%

Step 2 of 2 :

Calculate the principal

$\displaystyle \sf{}I= \frac{PRT}{100}$

$\displaystyle \sf{ \implies }\displaystyle \sf{}71400 = \frac{P \times 12 \times 7}{100}$

$\displaystyle \sf{ \implies }\displaystyle \sf{}71400 = \frac{84P }{100}$

$\displaystyle \sf{ \implies }\displaystyle \sf{}P = \frac{71400 \times 100}{84}$

$\displaystyle \sf{ \implies }\displaystyle \sf{}P = 85000$

Hence principal = Rs. 85000

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Answer 2

Answer:

The principal of the given simple interest is Rs.85,000.

Step-by-step explanation:

we will understand and use the formula of simple interest in the above problem.

The simple interest component of a loan is the amount borrowers pay to lenders as a repayment for their loan. In this calculation, only the principal is used and compound interest is not taken into account. There are many types of loans that can be subject to simple interest. In addition, banks pay savings account customers this type of interest.

S.I. = P×R×T/100

Where.

S.I.(Simple Interest) = Rs.71,400

P(Principal) = x

R(Rate) = 12%

T(number of years) = 7 years

now, we will put the given values in the formula,

71,400 = x × 12  × 7/100

71,400 = 84x/100

84x = 71,400 × 100

x = 85,000

Hence, the principal of the given simple interest is Rs.85,000

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