What sum of money borrowed on 24th may will amount to 10,210.20 on 17th ocotober of the same year at 2 percent per annum simple interest
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Given
Principal Amount= P = ?
Rate of Interest Per annum= R= 2 %
Time = T = 24may to 17th October
= 7 days + 30 +31 +31 + 30 +17 = 146 days
146/365 days = 0.4year
Amount = 10210.20
We know that
Amount= P(1+TR)
10210.20=P(1 + 0.4×2/100)
10210.20=P(1 + 0.008)
10210.20 =P(1.008)
10210.20/1.008 = P
10129.16 = P is the Principal Amount borrowed
Principal Amount= P = ?
Rate of Interest Per annum= R= 2 %
Time = T = 24may to 17th October
= 7 days + 30 +31 +31 + 30 +17 = 146 days
146/365 days = 0.4year
Amount = 10210.20
We know that
Amount= P(1+TR)
10210.20=P(1 + 0.4×2/100)
10210.20=P(1 + 0.008)
10210.20 =P(1.008)
10210.20/1.008 = P
10129.16 = P is the Principal Amount borrowed
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