Question
Download Solution PDFA sum becomes Rs. 15,500 in 7 years on simple interest at the rate of 30 percent per annum. What is the total interest for the 7 years?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Sum becomes Rs. 15500
Rate of interest (r) = 30% per annum
Time period (t) = 7 years
Formula used:
Simple interest (S.I) = (Prt/100)
Where,
P = principal amount
r = rate of interest
t = time period
Calculation:
If the sum becomes Rs. 16000 Means,
[P + (S.I)] = sum
⇒ [P + (Prt /100)] = sum
⇒ [P + (P × 30 × 7)/ 100] = 15500
⇒ [P + (P × 210/100)] = 15500
⇒ [P + (21P/10)] = 15500
⇒ [31P/10] = 15500
⇒ P = 15500 × (10/31)
⇒ P = 5000
So, S.I = 15500 - 5000
⇒ Rs. 10500
∴ The total interest for the 7 years is Rs. 10500.
Last updated on Jul 17, 2025
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