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
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.
If the interest on a sum of Rs.1200 is more than the interest on Rs.1000 by Rs.120 in three years, then what is the rate of interest per annum?.
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?
