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Simple Interests

# Simple Interests

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12/14/2012

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Simple Interests
Important Facts and Formulae:
Principal or Sum:- The money borrowed or lent out for acertain period is called Principal or the Sum.Interest:- Extra money paid for using others money iscalled Interest.Simple Interest:- If the interest on a sum borrowed fora certain period is reckoned uniformly,then it is calledSimple Interest.
Formulae:
Principal = PRate = R% per annumTime = T years. Then,(i)Simple Interest(S.I)= (P*T*R)/100(ii) Principal(P) = (100*S.I)/(R*T)Rate(R) = (100*S.I)/(P*T)Time(T) = (100*S.I)/(P*R)
Simple Problems
1.Find S.I on Rs68000 at 16 2/3% per annum for 9months.Sol:- P=68000R=50/3% p.aT=9/12 years=4/3 yearsS.I=(P*R*T)/100=(68000*(50/3)*(3/4)*(1/100))=Rs 8500
Note:
If months are given we have to converted intoyears by dividing 12 ie., no.of months/12=years

2.Find S.I on Rs3000 at 18% per annum for the period from4th Feb to 18th April 1995Sol:- Time=(24+31+18)days=73 days=73/365=1/5 yearsP= Rs 3000R= 18% p.aS.I = (P*R*T)/100=(3000*18*1/5*1/100)=Rs 108Remark:- The day on which money is deposited is notcounted while the day on which money is withdrawn iscounted.3. In how many years will a sum of money becomes tripleat 10% per annum.Sol:- Let principal =PS.I = 2PS.I = (P*T*R)/1002P = (P*T*10)/100T = 20 years
Note:
(1) Total amount = Principal + S.I(2) If sum of money becomes double means Total amountor Sum= Principal + S.I= P + P = 2P
Medium Problems
1.A sum at Simple interest at 13 1/2% per annum amountsto Rs 2502.50 after 4 years.Find the sum.Sol:- Let Sum be x. then,

S.I = (P*T*R)/100= ((x*4*27)/(100*2))= 27x/100Amount = (x+(27x)/100)= 77x/5077x/50 = 2502.50x = (2502.50*50)/77= 1625Sum = 16252. A some of money becomes double of itself in 4 yearsin 12 years it will become how many times at the samerate.Sol:- 4 yrs - - - - - - - - - P12 yrs - - - - - - - - - ?(12/4)* P =3PAmount or Sum = P+3P = 4 times3. A Sum was put at S.I at a certain rate for 3 years.Had it been put at 2% higher rate ,it would havefetched Rs 360 more .Find the Sum.Sol:- Let Sum =Poriginal rate = RT = 3 yearsIf 2% is more than the original rate ,it would havefetched 360 more ie., R+2(P*(R+2)*3/100) - (P*R*3)/100 = 3603PR+ 6P-3PR = 360006P = 36000P = 6000Sum = 6000.4.Rs 800 amounts to Rs 920 in 3yrs at S.I.If the interestrate is increased by 3%, it would amount to how much?