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
Anil lent a sum of Rs. 5,000 on simple interest for 10 years in such a way that the rate of interest is 6% per annum for the first 2 years, 8% per anmum for the next 2 years and 10% per annum beyond 4 years. How much interest (in Rs.) will he earn at the end of 10 years?
What will be the simple interest on a sum of Rs. 12000 at the rate of 15 percent per annum for three years ?
If in 13 years fixed sum doubles at simple interest, what will be the interest rate per year? (correct to two decimal places)
On simple interest a sum of Rs. 640 becomes Rs. 832 in 2 years. What will Rs. 860 become in 4 years at the same rate of simple interest?
A certain sum amounts to Rs. 81840 in 3 years and to Rs. 92400 in 5 years at x% p.a. under simple interest. If the rate of interest is becomes (x + 2)%, then in how many years will the same sum double itself?
