Maths-
General
Easy

Question

On what principal will the simple interest be Rs 7,008 in 6 years 3 months at 5% per year?

Hint:

Use the formula for simple interest and then find the principal amount.

The correct answer is: 22425.6 Rupees


    Complete step by step solution:
    Let the sum of money = P
    We calculate simple interest by the formula,S I equals fraction numerator P T R over denominator 100 end fraction…(i)
    where P is Principal amount, T is number of years and R is rate of interest
    Here, we have T = 6 years and 3 months = 6.25 years, R = 5% , SI = 7008 and P = ?
    On substituting the known values in (i), we get 7008 equals fraction numerator P cross times 6.25 cross times 5 over denominator 100 end fraction
    table attributes columnspacing 1em end attributes row cell not stretchy rightwards double arrow P equals fraction numerator 7008 cross times 100 over denominator 6.25 cross times 5 end fraction end cell row cell not stretchy rightwards double arrow P equals fraction numerator 700800 over denominator 31.25 end fraction equals 22425.6 end cell end table
    Hence the sum of money P = 22425.6 Rupees.

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