Question
Download Solution PDFMonty paid a simple interest of Rs. 480 on a particular sum after 2 years. The rate was 8% per annum. Find the sum.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Amount interest = Rs 480
Rate = 8%
Time = 2 year
Formula used:
Simple interest, \(I=\frac{Principal\:×\:rate \:of \:interest\:×\:time}{100}\)
Calculation:
\(480=\frac{Principal ×8×2}{100}\)
⇒ 48000=Principal×16
⇒ Principal=\(\frac{48000}{16}\)
⇒ Principal=3000
Hence, the sum is Rs 3000.
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