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On what principal will the simple interest be $Rs.\,7,008$ in $6$ years $3$ months at $5\%$ per year?Answer Verified Hint: Here we have been given a simple interest value for which we have to calculate the principal amount for a given time at a given rate. Firstly as the time has to be in years we will convert the months in years as well. Then we will write down the formula for finding simple interest on an amount. Finally we will substitute all the values in the formula and simplify it to get the desired answer. Complete step by step answer: Next as we have been given the value of simple interest and we have to find the principal amount we will use the Simple Interest formula.Now the formula for finding the simple Interest is as follows: On $Rs.\,22,425.60$ the simple interest be $Rs.\,7,008$ in $6$ years $3$ months at $5\%$ per year. Note: Simple Interest is a method to calculate the interest amount on a principal amount of money for a given time period with the rate specified. It is only applied to the principal amount for the time period given. It is different from the profit as the interest is received by the lender and not the borrower whereas in profit the interest is received by the borrower. It is generally used when we borrow money from a bank. 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 RupeesComplete step by step solution:Let the sum of money = PWe calculate simple interest by the formula,…(i)where P is Principal amount, T is number of years and R is rate of interestHere, 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 Hence the sum of money P = 22425.6 Rupees.Book A Free DemoMobile* +91 I agree to get WhatsApp notifications & Marketing updates Related Questions to studyMaths- Arun borrowed Rs 24,000 from Rahul at the rate of 15% per annum simple interest for 4 years. Find the simple interest and the total amount that has to be paid at the end of 4 years.Complete step by step solution:
Arun borrowed Rs 24,000 from Rahul at the rate of 15% per annum simple interest for 4 years. Find the simple interest and the total amount that has to be paid at the end of 4 years.Maths-General Complete step by step solution:
Maths- The simple interest on a certain sum of money is Rs 1480 for 2 years at 10% per year. Find the sum of money.Complete step by step solution: Hence the sum of money P = 7400 Rupees. The simple interest on a certain sum of money is Rs 1480 for 2 years at 10% per year. Find the sum of money.Maths-General Complete step by step solution: Hence the sum of money P = 7400 Rupees. Maths- Find the simple interest and amount on Rs 5000 in 3 years at 8% p.a.Complete step by step solution: We have SI = 1200 Rupees. Find the simple interest and amount on Rs 5000 in 3 years at 8% p.a.Maths-General Complete step by step solution: We have SI = 1200 Rupees. Maths- Find the amount to be paid at the end of 3 years, if principal is Rs 1800 at 9% p.a.Complete step by step solution: We have SI = 486 Rupees. Find the amount to be paid at the end of 3 years, if principal is Rs 1800 at 9% p.a.Maths-General Complete step by step solution: We have SI = 486 Rupees. Maths- Find the compound interest for 3 years on Rs 5000, if the rate of interest for the successive years are 8%, 6% and 10% respectively.Complete step by step solution: Total amount , …(i) We know that, Compound interest ( CI)
= total amount (A) - principal amount (P) Find the compound interest for 3 years on Rs 5000, if the rate of interest for the successive years are 8%, 6% and 10% respectively.Maths-General Complete step by step solution: Total amount , …(i) We know that, Compound interest ( CI) = total amount (A) - principal amount (P) Maths- What annual instalment will discharge a debt of Rs 1092 due in 3 years at 12% simple interest?Complete step by step solution: So, 325 Rupees is the annual instalment. What annual instalment will discharge a debt of Rs 1092 due in 3 years at 12% simple interest?Maths-General Complete step by step
solution: So, 325 Rupees is the annual instalment. Maths- What sum of money lent out at 6% for 2 years will produce the same interest as Rs. 1200 lent out at 5% for 3 years.Complete step by step solution: On equating, we get rupees. What sum of money lent out at 6% for 2 years will produce the same interest as Rs. 1200 lent out at 5% for 3 years.Maths-General Complete step by step solution: On equating, we get rupees. Maths- What sum of money lent out at 5% for 3 years will produce the same interest as Rs. 900 lent out at 4% for 5 years.Complete step by step solution: rupees. What sum of money lent out at 5% for 3 years will produce the same interest as Rs. 900 lent out at 4% for 5 years.Maths-General Complete step by step solution: rupees. Maths- Find the sum which will amount to Rs. 364.80 at 3 % per annum in 8 years at simple interestComplete step by step solution: Hence the sum of money P = Rs 285. Find the sum which will amount to Rs. 364.80 at 3 % per annum in 8 years at simple interestMaths-General Complete step by step solution: Hence the sum of money P = Rs 285. Maths- The simple interest on a sum of money at the end of 3 years is of the sum itself. What rate percent was charged?Complete step by step solution: The simple interest on a sum of money at the end of 3 years is of the sum itself. What rate percent was charged?Maths-General Complete step by step solution: Maths- A theatre company uses the revenue function dollars. The cost functions of the production . What ticket price is needed for the theatre to break even?A theatre company uses the revenue function dollars. The cost functions of the production . What ticket price is needed for the theatre to break even?Maths- Rewrite the equation as a system of equations, and then use a graph to solve.Hint: Here we get two points where both the graphs intersect each other. The points are (-8, 0) and (-3, -7.5). Thus, we can say that the solutions to the given set of equation are the points of intersection. Rewrite the equation as a system of equations, and then use a graph to solve.Maths-General Hint: Here we get two points where both the graphs intersect each other. The points are (-8, 0) and (-3, -7.5). Thus, we can say that the solutions to the given set of equation are the points of intersection. Maths- Rewrite the equation as a system of equations, and then use a graph to solve.Thus, the solutions are (0, 0) and (1, -14) Here, there is just one point where both the graphs intersect each
other. The point is (4, -8). Thus, we can say that the point is the solution of the set of equation. Rewrite the equation as a system of equations, and then use a graph to solve.Maths-General Thus, the solutions are (0, 0) and (1,
-14) Here, there is just one point where both the graphs intersect each other. The point is (4, -8). Thus, we can say that the point is the solution of the set of equation. Maths- Find the simple interest on Rs. 6500 at 14% per annum for 73 days?Complete step by step solution: Find the simple interest on Rs. 6500 at 14% per annum for 73 days?Maths-General Complete step by step solution: Maths- Rewrite the equation as a system of equations, and then use a graph to solve.Here, they graphs intersect at two point; (-1 -1) and (0.5, 2). This means that the solutions of the system of equation are (-1 -1) and (0.5, 2). Rewrite the equation as a system of equations, and then use a graph to solve.Maths-General Here, they graphs intersect at two point; (-1 -1) and (0.5, 2). This means that the solutions of the system of equation are (-1 -1) and (0.5, 2). On what principal will the simple interest be ₹ 7008 in 6years 3 months at 5% per year?=7008×165=1121285=Rs. 22425.60.
What is the simple interest on 500 5% for 3 years?Detailed Solution
500/- for 3 years at simple interest at 5% per annum. ∴ The amount is Rs. 575.
On what principle will the simple interest?Simple interest is based on the original principal amount of a loan or deposit. Compound interest, on the other hand, is based on the principal amount and the interest that accumulates on it in every period.
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