Question

What sum of money lent out at 5% per annum produces Rs.300 as interest in 3 years

Answer 1

Answer :

• The sum of money lent out is Rs. 2000

Step-by-step explanation ::

To Find :-

• The sum of money

Given that,

• Simple interest = Rs. 300
• Rate = 5%
• Time = 3 years

Solution :-

As we know that,

$\boxed{\bf{Principal = \dfrac{Simple \: Interest \times 100}{Rate \times Time}}}$

Where,

• S.I. = Simple Interest
• R = Rate
• T = Time

According the question,

$\sf{ \longmapsto \: Principal = \dfrac{300 \times 100}{5 \times 3}} \\ \\ \\ \sf{ \longmapsto \: Principal = \dfrac{300 \times 100}{15}} \\ \\ \\ \sf{ \longmapsto \: Principal = \dfrac{ \cancel{300} \times 100}{ \cancel{15}}} \\ \\ \\ \sf{ \longmapsto \: Principal = 20 \times 100} \\ \\ \\ \bf{ \longmapsto \: Principal = 2000}$

• The sum of money lent out is Rs. 2000.

Additional information

Some important formulas related to Simple interest :-

$\sf{ \bull \: \: \: \: \: Rate = \dfrac{Simple \: Interest \times 100}{Principal \times Time}} \\ \\ \\ \sf{ \bull \: \: \: \: \: Time = \dfrac{Simple \: Interest \times 100}{Principal \times Rate}} \\ \\ \\ \sf{ \bull \: \: \: Principal = \dfrac{Simple \: Interest \times 100}{Rate \times Time}} \\ \\ \\ \sf{ \bull \: \: \: Simple \: Interest = \dfrac{Principal \times Rate \times Time}{100}}$

Answer 2

$\huge\sf{\underline{Question}} :$

What sum of money lent out at 5% per annum produces Rs 300 as interest in 3 years.

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$\large\bf{\underline{To \: find}}:$

• The sum of the money.

$\large\bf{\underline{Given}} \: –$

• Simple interest = Rs 300.
• Time period = 3 years.
• Rate of interest = 5%.

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$\huge\bold{\underline{\underline{Solution}}} :$

Here, we have to find the sum of money or the 'principal'.

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We know that,

$\orange{\boxed{\sf{ P=\frac{S.I × 100}{R × T} }}}$

where,

• S.I = simple interest
• P = principal
• R = rate of interest
• T = time

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Acc. to the question,

$\sf P = \frac{S.I × 100}{R × T} \\ \\ \implies \sf P = \frac{ 300 \times 100}{5 \times {3}} \\ \\ \implies \sf P = 100 \times 20 \\ \implies \green{\boxed{ \bf P = 2000}}$

∴ The sum of money lent was Rs 2000.

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✍️ Relatable Formulae :-

$\begin{gathered} \sf{ \bull \: \: \: Simple \: Interest = \dfrac{Principal \times Rate \times Time}{100}}\end{gathered} \\ \\ \\ \sf{ \bull \: \: \: Principal = \dfrac{Simple \: Interest \times 100}{Rate \times Time}}\\ \\ \\\sf{ \bull \: \: \: \: Rate = \dfrac{Simple \: Interest \times 100}{Principal \times Time}} \\ \\ \\ \sf{ \bull \: \: \: Time = \dfrac{Simple \: Interest \times 100}{Principal \times Rate}}$

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