Calculate Principal Sum for Simple Interest
The problem asks us to find the principal sum (P) that yields a simple interest (SI) of ₹480 over a period of 2 years (T) at an annual interest rate (R) of 10%.
Given Information:
- Simple Interest (SI) = ₹480
- Time (T) = 2 years
- Rate of Interest (R) = 10% per annum
Simple Interest Formula:
The formula for calculating simple interest is:
\( SI = \frac{P \times R \times T}{100} \)
Calculating the Principal Sum:
To find the principal sum (P), we can rearrange the formula:
\( P = \frac{SI \times 100}{R \times T} \)
Now, substitute the given values into the rearranged formula:
\( P = \frac{480 \times 100}{10 \times 2} \)
First, calculate the numerator and the denominator:
Numerator = \(480 \times 100 = 48000\)
Denominator = \(10 \times 2 = 20\)
Now, perform the division:
\( P = \frac{48000}{20} \)
\( P = 2400 \)
Therefore, the principal sum required is ₹2400.
Similar Questions
- A sum of ₹ 2,000, invested at the rate of 8.5% simple interest per annum for 6 years will yield an interest of:
- ₹ $x$ invested at 9% simple interest per annum for 5 years yields the same interest as that on ₹ $y$ invested at 6.25% simple interest per annum for 8 years. Find $x : y$.
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?
