A sum of money becomes ₹56,000 in 5 years at 20% per annum simple interest. Find the sum (in ₹).
28,000
Under simple interest, Amount A = P(1 + RT/100), where P is principal, R the annual rate and T the time in years.
Here A = 56,000, R = 20%, T = 5 years.
A = P × (1 + 20 × 5/100)
56,000 = P × (1 + 1)
56,000 = 2P
P = 28,000
Hence, the correct answer is 28,000.
Similar Questions
Find the simple interest (in ₹) on ₹2,000 at 7% per annum rate of interest for the period from 3 February 2023 to 17 April 2023.
If a sum of ₹550 is borrowed for 3.5 years at an annual interest rate of 12%, find the simple interest (in ₹).
Find the simple interest (in ₹) on a sum of ₹600 borrowed for 2.5 years at a rate of interest of 4% per annum.
If ₹2,500 earns a simple interest of ₹500 at a rate of 5% per annum, how long was the money invested?
Find the simple interest (in ₹) on ₹1,200 at an interest rate of 6% per month in 10 months.
What sum (in ₹) will earn a simple interest of ₹960 in 4 years at 8% per year rate of interest?
Find the simple interest (in ₹) if a sum of ₹600 is borrowed for 2.5 years at 12% per annum rate of interest.
Find the simple interest (in ₹) if a sum of ₹600 is borrowed for 2.5 years at 8% per annum rate of interest.
Two banks, A and B, offered loans at 3.5% and 8.5% per annum, respectively. Tushar borrowed an amount of ₹4,60,000 from each bank. Find the positive difference between the amounts (in ₹) of simple interest paid to the two banks by Tushar after 4 years.
Find the simple interest (in ₹) on ₹1,500 at an interest rate of 3% per month in 1 month.
Important Questions from Simple Interest
How much time will it take for an amount of Rs. 450 to yield Rs. 81 as interest at 4.5% per annum of simple interest ?
Nirav and Mehul borrowed Rs.4000 and Rs.5000 respectively for 2.5 years at the rate of x% per annum. Mehul paid Rs 125 more interest than Nirav. Find x.
The difference between the simple interest received from two banks on Rs. 500 for two years is Rs. 2.50. What is the difference between their rates?
P borrowed an amount from Q at a simple interest of 10% p.a. At the end of the year, P paid back Rs 99000 which was 90% of what she owed. How much money did P borrow?
An amount becomes Rs. 3795 in 3 years and Rs. 4537.50 in \(7 \frac{1}{2}\) years on simple interest. Find the rate of interest per annum.
