The simple interest on a sum of money at 5% is 748 for 4yr Then, the simple interest on same sum for 5yr at 4% is
(A) 772 (B) 724 (C) 748 (D) 740
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Answers
The simple interest on same sum for 5 years at 4% is ₹748
Step-by-step explanation:
GIVEN
Simple Interest = 748
Rate = 5%
Time = 4 years
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TO FIND
The simple interest on same sum for 5 years at 4%
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We know that,
Simple Interest = ( Principal × Rate × Time ) / 100
Principal = ( Simple Interest × 100 ) / ( Rate × Time )
Principal = ( 748 × 100 ) / ( 5 × 4 )
Principal = 74800 / 20
Principal = 3740
Principal = ₹3740
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Now
Let's find the simple interest on same sum for 5 years at 4%
We know that,
Simple Interest = ( Principal × Rate × Time ) / 100
Simple Interest = ( 3740 × 4 × 5 ) / 100
Simple Interest = 74800 / 100
Simple Interest = 748
Simple Interest = ₹748
The simple interest on same sum for 5 years at 4% is ₹748
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IMPORTANT
Principal = ( Simple Interest × 100 ) / ( Rate × Time )
Simple Interest = ( Principal × Rate × Time ) / 100
Rate = ( Simple Interest × 100 ) / ( Principal × Time )
Time = ( Simple Interest × 100 ) / ( Principal × Rate )
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