A sum of money lent out at simple interest
Asked by admin @ in Math viewed by 308 People
A sum of money lent out at simple interest amounts to rs. 720 after 2 years and to rs. 1020 after a further period of 5 years. find the sum and the rate %
Answered by admin @
S.I for 5 years = 1020 - 720 = 300..... [Amount for 2 years = 720, A for 7 years = 1020, the difference gives S.I for 5 years]
S.I for each year = 300/5 = 60
Amount after 2 years = 720
S.I for 2 years = 120
Hence P = 720 - 120 = 600
S.I = P*R*T/100
60 = 600*R*1/100
R = 10%
Hence, Sum = 600 and rate% = 10
Hope it helps
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