The sum of money that will yield ₹60 as simple interest at 6% per annum in 5 years is?
200
To determine the sum of money that will yield ₹60 as simple interest at a rate of 6% per annum over 5 years, we must use the formula for simple interest:
Simple Interest (SI) = (Principal (P) × Rate (R) × Time (T)) / 100
Given: SI = ₹60, R = 6%, T = 5 years.
Substitute the known values into the formula:
60 = (P × 6 × 5) / 100
To find the Principal (P), first solve for P:
60 = (30P) / 100
Multiply both sides by 100 to eliminate the denominator:
60 × 100 = 30P
6000 = 30P
Now, divide both sides by 30 to isolate P:
P = 6000 / 30
P = 200
Therefore, the sum of money is ₹200.
Similar Questions
Aman needed ₹30,000 for a start-up and split the sum between two private lenders under simple-interest terms:
Lender A charges 9% p.a. (simple interest)
Lender B charges 6% p.a. (simple interest)
Aman kept both loans exactly 4 years and then made a single lump-sum payment that settled only the accumulated interest, which came to ₹9,600. After preparing his books of account, Aman discovered that if he had interchanged the principal amounts taken from the two lenders, his four-year interest outgo would have been ₹1,200 less than what he actually paid. How much of the original ₹30,000 did Aman borrow at 9% p.a. from Lender A?
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Important Questions from Simple Interest
- How long will it take for ₹1,500 to become ₹2,040 at a rate of 8% per annum simple interest?
- Find the simple interest (in ₹) if a sum of ₹400 is borrowed for 5.5 years at 12% per annum rate of interest.
- Find the simple interest (in ₹) if a sum of ₹400 is borrowed for 4.5 years at 8% per annum rate of interest.
Find the simple interest (in ₹) if a sum of ₹400 is borrowed for 5.5 years at 4% per annum rate of interest.
- Find the simple interest (in ₹) on ₹1,200 at an interest rate of 3% per month for 11 months.
