Question

What sum of money borrowed on 24th May will amount to Rs. 10210.20 on 17th October of the same year at 5 percent per annum simple interest.

Answer 1

A = Rs. 10210.20

R = 5% P.A.

T=May + June + July + August + Sept.+ Oct.

= 7 + 30 + 31 + 31 + 30 + 17+= 146/365 days = 2/5 year

we know that:

P + I = A

Money to be borrowed = Rs.10010