Question

The sum required to earn a monthly interest of 1500 at 5% per annum at simple interest is.

Answer 1

Step-by-step explanation:

si=prt/100. .....1

time is 1 month so 1/12

putting all in 1

1500=p×5×1/100×12

1500=p/20×12

p=1500×20×12

p=360000

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Answer 2

The sum required is Rs.180075.

Step-by-step explanation:

Given : A monthly interest of 1500 at 5% per annum at simple interest.

To find : The sum required to earn a monthly interest ?

Solution :

Applying simple interest formula,

$I=P\times R\times T$

Where, I=Rs.1500 is the interest

P is the sum

Rate r =5%= 0.05

Time t = 1 month

In year, $t=\frac{1}{12}\ yr$

$1500=P\times 0.05\times\frac{1}{12}$

$P={1500\times 12}{0.05}$

$P=Rs.180075$

Therefore, the sum is Rs.180075.

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