Question

On what sum of money lent out at 9% per annum for 6 years does the simple interest amount to Rs 810?

Answer 1

Given simple interest I = Rs 810 

Let the sum of money (Principal) be P

Rate of interest r = 9 % Per annum. 

Time n = 6 years

I = \(\frac{pnr}{100}\)

810 = \(\frac{P\times\,6\times\,9}{100}\)

P = \(\frac{810\times100}{6\times9}\)

P = Rs 1500 

Sum of money required = Rs 1500