Maths-
General
Easy

Question

On what principal will the simple interest be Rs. 7008 in 6 years 3 months at 5% per annum?

Hint:

Using the formula of simple interest, find the principal amount.

The correct answer is: 22425.6 Rupees.


    Complete step by step solution 
    Let the principal amount = P
    It is given that time (T) = 6 years 3 months open parentheses 6 plus 3 over 12 close parentheses equals open parentheses 25 over 4 close parentheses = 6.25 years and
    Rate of interest (R) = 5%
    Interest amount = Rs 7008 (given)
    We know the formula of Simple Interest S I equals fraction numerator P T R over denominator 100 end fraction.
    On substituting the known values, we get 7008 equals fraction numerator p cross times 6.25 cross times 5 over denominator 100 end fraction
    On multiplying 100 on both sides, we get 700800 = 31.25P
    Divide on both sides by 31.25.
    On dividing, we get P = Rs 22425.6
    Hence the principal amount P = 22425.6 Rupees.

    Related Questions to study

    card img

    With Turito Academy.

    card img

    With Turito Foundation.

    card img

    Get an Expert Advice From Turito.

    Turito Academy

    card img

    With Turito Academy.

    Test Prep

    card img

    With Turito Foundation.