A sum, when invested at 10% simple interest per annum, amounts to ₹3360 after 2 years. What is the simple interest (in ₹) on the same sum at the same rate of interest in 1 year?
280
To solve the problem, we first need to determine the principal amount (P) using the total amount (A) after 2 years at a 10% simple interest rate. The formula for simple interest is:
A = P(1 + rt)
where A is the total amount, P is the principal, r is the rate of interest per annum, and t is the time in years. Given:
- A = ₹3360
- r = 10% = 0.10
- t = 2 years
Substituting these values into the formula:
3360 = P(1 + 0.10 × 2)
3360 = P(1 + 0.20)
3360 = P × 1.20
Solving for P:
P = 3360 / 1.20 = ₹2800
Now, to calculate the simple interest for 1 year using the same principal and rate, we apply the simple interest formula:
SI = P × r × t
For 1 year (t = 1), we have:
SI = 2800 × 0.10 × 1
SI = ₹280
Therefore, the simple interest for 1 year is ₹280.
Important Questions from Simple Interest
If ₹12,800 is invested in a bank for 5 years at the rate of 9% per annum simple interest. what amount is returned by the bank?
Somu has borrowed ₹10,000 from a money lender with simple interest at a rate of 7% half yearly. How much amount will he pay to the money lender after 3 years?
Find the Simple interest on Rs. 2,400 from 20 March 2019 to 31 may 2019 at \(6{1 \over 4}\) % rate?
If the simple interest for five years is equal is 35% of the principal, that rate of interest is:
A sum fetched a simple interest of Rs. 3,040 at the rate of 8% p.a in 5 years. what is the sum?
