Practicing Success
The difference between the simple interest on a fixed amount for 7 years and on the same amount for 12 years is ₹2,500. If the rate of interest is 10% p.a., then the amount is: |
₹6,000 ₹5,000 ₹4,500 ₹5,500 |
₹5,000 |
Simple interest of ( 12 - 7 )years = 2500 Simple interest of 1 year = \(\frac{2500 }{5 }\) = 500 We know , Simple Interest = \(\frac{Principal ×Rate × Time }{100}\) 500 = \(\frac{Principal × 10 × 1 }{100}\) Principal = Rs. 5000 |