Question

what sum of money borrowed on 24th may will amount to 10210.20 on 17th October of the same year at 5% per annum simple interest

Answer 1

Total time = 10 + 6 2 3 = 16 2 3 Yrs. 2. With rate of simple interest, the ratio of principal and amountfor a certain period of time is 4 : 5 . After 3 years, with the same rate of interest, the ratio of the principal and amount becomes 5 : 7 . The rate of interest is. A) 4%. B) 6%. C) 5%. D) 7%. E) 9%. View Answer. Report. D

Answer 2

Question :-

What sum of money borrowed on 24th May will amount to Rs. 10210.20 on 17th October of the same year at 5 percent per annum simple interest.

Answer :-

A = Rs. 10210.20

R = 5% P.A.

T=May + June + July + August + Sept.+ Oct.

= 7 + 30 + 31 + 31 + 30 + 17

= (146/365) days = (2/5) years

We know that :

P + I = A

⇒ P + ((P × R × T)/100) = A

⇒ P (1 +(R × T)/100) = A

⇒ P (1 + (5 × (2/5)/100) = Rs. 10210.20

⇒ P (1 + (2/100) = Rs. 10210.20

⇒ P × (102/100) = Rs. 10210.20

⇒ P = Rs. 10210.20 × (100/102)

⇒ P = Rs. (1021020/102)

⇒ P = Rs. 10010

∴ Money to be borrowed = Rs. 10010

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