Mathematics
Grade-7
Easy

Question

A bank lends loan at 8% per year in simple interest. The bank collects £800 over a period of 5 years in interest. __________ is the amount given on loan.

  1. 1590
  2. 2000
  3. 3000
  4. 1400

hintHint:

Use simple interest formula to find the principal amount by substituting the given data.

The correct answer is: 2000


    R = 8%, I = £800, T = 5 years, P = ?
    800 = P × 5 × 0.08
    P = £2000

    >>> R a t e space o f space i n t e r e s t space equals space fraction numerator s i m p l e space i n t e r e s t cross times 100 over denominator p r i n c i p a l space a m o u n t cross times t i m e end fraction
    >>> p r i n c i p a l space a m o u n t space equals space fraction numerator s i m p l e space i n t e r e s t cross times 100 over denominator r a t e space o f space i n t e r e s t cross times t i m e end fraction
    >>>Principal amount = fraction numerator 800 cross times 100 over denominator 8 cross times 5 end fraction
    >>>Principal amount = 2000.

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