Question

Vinay took a loan from a bank which charges rate of interest at 9% per annum
If he paid 540 as simple interest for 2 years, how much loan had he taken? Ans is 3000 ..... I need explanation​

Answer 1

$\huge\bf\red{Answer}$

Given :-

Simple interest = ₹540

Rate of interest = 9%

Time = 2 years

To Find :-

Loan taken from bank ( principal)

Solution :-

we know that,

$Simple \: interest = \frac{PTR}{100}$

Let the principal be 'x'

By substituting values,

$540 = \frac{x \times 2 \times 9}{100}$

$540 \times 100 = 18x$

$54000 = 18x$

$\frac{54000}{18} = x$

$3000 = x$

Hence, The loan(principal) taken by Vinay from a bank is ₹3000

Let's verify,

Simple interest = PTR / 100

₹ 540 = 3000 × 2 × 9 / 100

₹ 540 = 54000 / 100

₹ 540 = 540

Hence, verified