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Pankaj borrowed certain amount of money from a money lender at 13.25% per annum under simple interest which amounts to Rs. 5500 after 5 years. The money borrowed by Pankaj is _______
  • a)
    3008
  • b)
    3308
  • c)
    3002
  • d)
    3600
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
Pankaj borrowed certain amount of money from a money lender at 13.25% ...
GIVEN:
Rate of Interest = 13.25%
Amount = Rs. 5500
Time = 5years
FORMULA USED:
SI = PRT/100
CALCULATION:
Let the money borrowed by Pankaj be Rs. x.
Where P = Principal, R = Rate, T = Time, SI = Simple interest
P = x, R = 13.25% = (53/4) %, T = 5 years.
SI = {x × (53/4) × 5}/100 = (53x/80)
So, amount with simple interest = Rs. x + (53x/80) = 133x/80
Given amount after 5 years = Rs. 5500
So, we can write now,
5500 = 133x/80
x = 3308.27 = 3308.
∴ The money borrowed = Rs. 3308.
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Pankaj borrowed certain amount of money from a money lender at 13.25% per annum under simple interest which amounts to Rs. 5500 after 5 years. The money borrowed by Pankaj is _______a)3008b)3308c)3002d)3600Correct answer is option 'B'. Can you explain this answer?
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