- P = 750; SI = 250; N = 5
Let the rate of interest be R
R = 100 x I = 100 x 250 = 20 % PN 750 x 5 3
Amount in 10 years = 750 + 750 x 20 x 10 3 100
Given, Principal amount (P) = Rs. 750, Amount (A) = Rs. 1000 and Time (t) = 5 years.
We need to find the amount after 10 years at Simple Interest (S.I).
Let us first calculate the rate of interest (R) per annum using the formula for Simple Interest:
Simple Interest (S.I) = (P x R x t)/100
where P is the principal, R is the rate of interest per annum and t is the time period in years.
Substituting the given values, we get:
250 = (750 x R x 5)/100
R = 10/3 = 3.33% (approx.)
Now, we can use the formula for Simple Interest to find the amount after 10 years:
A = P x (1 + R x t)
where P is the principal, R is the rate of interest per annum and t is the time period in years.
Substituting the values, we get:
A = 750 x (1 + 3.33/100 x 10)
A = Rs. 1250
Therefore, the correct answer is Option A: 1250.
Key takeaways:
Simple Interest (S.I) is calculated using the formula: S.I = (P x R x t)/100, where P is the principal, R is the rate of interest per annum and t is the time period in years.
The formula for calculating the amount (A) after t years at Simple Interest (S.I) is: A = P x (1 + R x t), where P is the principal, R is the rate of interest per annum and t is the time period in years.
In this problem, we first calculated the rate of interest (R) using the given values of P, A and t, and then used this value to calculate the amount (A) after 10 years.
If you think the solution is wrong then please provide your own solution below in the comments section .
Money paid in cash = Rs. 1000.
Balance payment = Rs. (20000 – 1000) = Rs. 19000.
To find the value of the last installment covering the interest as well, we need to use the concept of simple interest and equated installments.
Given:
Principal amount (P) = Rs. 20,000
Number of installments (n) = 20
Value of each installment (E) = Rs. 1000
Rate of interest (R) = 6% per annum
We can find the total amount paid by the customer over the 20 installments by multiplying the value of each installment by the number of installments. This gives:
Total amount paid = E x n = Rs. 1000 x 20 = Rs. 20,000
However, this only covers the principal amount. To find the total amount paid with interest, we need to add the interest to the principal. We can use the formula for simple interest to calculate the interest:
Simple interest (I) = (P x R x t)/100
where t is the time in years. In this case, the time is 1 year, since the interest is charged for the first year of the installment plan.
Substituting the given values, we get:
I = (20,000 x 6 x 1)/100 = Rs. 1200
Therefore, the total amount paid with interest is:
Total amount = P + I = Rs. 20,000 + Rs. 1200 = Rs. 21,200
To find the value of the last installment covering the interest as well, we can subtract the sum of the first 19 installments from the total amount. The sum of the first 19 installments is:
Sum of first 19 installments = E x (n-1) = Rs. 1000 x 19 = Rs. 19,000
Therefore, the value of the last installment covering the interest as well is:
Last installment = Total amount - Sum of first 19 installments = Rs. 21,200 - Rs. 19,000 = Rs. 2,200
Hence, the correct answer is option E.
If you think the solution is wrong then please provide your own solution below in the comments section .
- Here, I – Rs. 1770, R = 8% per annum, T = 15 years 2 Principal (P) = 100 x I = 100 x 1770 R x T 8 x 15 2
Simple interest is the interest payable only on the principal sum and does not include any interest on the interest. The formula for calculating simple interest is:
Simple Interest = Principal Amount * Rate of Interest * Time
Here,
Principal Amount = ?
Rate of Interest = 8%
Time = 7 1/2 years
Interest = Rs. 1770
Now, we can use the above formula to calculate the Principal Amount.
Principal Amount = Interest / (Rate of Interest * Time)
= 1770 / (8% * 7 1/2 years)
= 1770 / 0.08 * 7.5
= Rs. 2950
Hence, the Sum of money that will produce Rs. 1770, interest in 7 1/2 years at 8% simple interest per annum is Rs. 2950.
If you think the solution is wrong then please provide your own solution below in the comments section .
- Let the Principal be P S.I. = 360 P x 10 x 3 = 360 100 P = 360 x 100 = Rs. 1200 10 x 3
To solve the problem, we can use the formula for simple interest:
Simple Interest = (P × R × T) / 100
where P is the principal, R is the rate of interest, and T is the time period.
We are given that:
360 = (P × 10 × 3) / 100
Simplifying this equation, we get:
360 = (3P) / 10
Multiplying both sides by 10/3, we get:
P = 1200
Therefore, the principal borrowed by Srimathy was Rs. 1200, which is option C.
If you think the solution is wrong then please provide your own solution below in the comments section .
- We have, P = Rs.. 10000, R = 8% per annum, T = 6 years. I = P x R x T = 10000 x 8 x 6 = Rs. 4800 100 100 A = P + 1 = 10000 + 4800 = Rs. 14800 This, Mr. Prakash returned Rs. 14800 to the finance company
Compound interest is calculated when interest is added to the principal amount and the interest earned in the previous period is added to the principal amount to calculate the interest for the current period, also known as compounding.
Formula for Compound Interest:
Compound Interest = P (1 + R/100) ^ n
Where,
P = Principal amount
R = Rate of interest
n = Time period
In the given question,
P = Rs.10000
R = 8%
n = 6 years
Calculating the Compound Interest:
Compound Interest = P (1 + R/100) ^ n
= 10000 (1 + 8/100) ^ 6
= 10000 (1.08) ^ 6
= 14800
Hence, the amount returned by Mr. Prakash to the finance company is Rs. 14800.
Option C is correct.
- Here, P = Rs. 5000, I = Rs. 500, T = 5 years. Therefore, using the formula R = 100 x I P x T We have, rate of interest (R) = 100 x 500 = 2% p.a. 5000 x 5
Simple interest is calculated on the original amount of the principal only and not on the accumulated interest.
Formula for calculating Simple Interest (SI):
SI = (Principal Amount × Interest Rate × Time Period)/100
Given,
Principal Amount (P) = Rs. 5000
Time Period (T) = 5 years
Interest Received by Ganesh (I) = Rs. 500
To calculate the rate of interest, we need to equate the given formula for Simple Interest with the given data.
SI = (Principal Amount × Interest Rate × Time Period)/100
⇒ 500 = (5000 × Interest Rate × 5) / 100
⇒ Interest Rate = 500 × 100 / (5000 × 5)
⇒ Interest Rate = 2%
Hence, the rate of interest per annum is 2%.