Question

what sum of money lent out on simple interest will amount to rs 1904 in 3 years at 1% per month?

Answer 1

Find the interest rate percentage for 3 years:

1 month = 1%

12 months = 1 x 12 = 12%

1 year = 12%

3 years = 12 x 3 = 36%

Find the total amount in percentage after 3 years:

Original amount = 100%

Original amount + interest = 100 + 36 = 136%

Find the original amount:

136% = Rs 1904

1% = 1904 ÷ 136 = Rs 14

100% = 14 x 100 = Rs 1400

Answer: The sum of money lent out is Rs 1400

Answer 2

Answer:

Find the interest rate percentage for 3 years:

1 month = 1%

12 months = 1 x 12 = 12%

1 year = 12%

3 years = 12 x 3 = 36%

Find the total amount in percentage after 3 years:

Original amount = 100%

Original amount + interest = 100 + 36 = 136%

Find the original amount:

136% = Rs 1904

1% = 1904 ÷ 136 = Rs 14

100% = 14 x 100 = Rs =14