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Sumit borrowed some money from Cooperative Bank at 5% per annum simple interest after 2 year and 6 month he paid back rupees 2500 to the bank and settled up account calculate how much money is borrowed by Sumit?
Most Upvoted Answer
Sumit borrowed some money from Cooperative Bank at 5% per annum simple...
Calculation of the borrowed money by Sumit:
Given data:
- Rate of interest = 5% per annum
- Time = 2 years and 6 months = 2.5 years
- Amount paid back = Rs. 2500
To calculate the borrowed money by Sumit, we can use the formula for simple interest:
Simple Interest (SI) = (P * R * T) / 100
Where,
P = Principal amount (borrowed money)
R = Rate of interest per annum
T = Time in years
Calculating the Principal Amount (P):
We need to find the principal amount (P). Since we know the simple interest, rate of interest, and time, we can rearrange the formula to solve for P:
P = (SI * 100) / (R * T)
Substituting the given values:
P = (2500 * 100) / (5 * 2.5)
P = 50000 / 12.5
P = Rs. 4000
Therefore, Sumit borrowed Rs. 4000 from the Cooperative Bank.
Explanation:
- Sumit borrowed money from Cooperative Bank at a simple interest rate of 5% per annum.
- After 2 years and 6 months (or 2.5 years), he paid back Rs. 2500 to the bank and settled the account.
- We can calculate the borrowed money (Principal amount) using the formula for simple interest: P = (SI * 100) / (R * T).
- Substituting the given values, we find that Sumit borrowed Rs. 4000 from the Cooperative Bank.
- It is important to note that the simple interest formula assumes that the interest is charged only on the principal amount, and there are no additional fees or charges involved in the calculation.
- The calculation of simple interest is straightforward and commonly used in various financial transactions, such as loans, mortgages, and investments.
Given data:
- Rate of interest = 5% per annum
- Time = 2 years and 6 months = 2.5 years
- Amount paid back = Rs. 2500
To calculate the borrowed money by Sumit, we can use the formula for simple interest:
Simple Interest (SI) = (P * R * T) / 100
Where,
P = Principal amount (borrowed money)
R = Rate of interest per annum
T = Time in years
Calculating the Principal Amount (P):
We need to find the principal amount (P). Since we know the simple interest, rate of interest, and time, we can rearrange the formula to solve for P:
P = (SI * 100) / (R * T)
Substituting the given values:
P = (2500 * 100) / (5 * 2.5)
P = 50000 / 12.5
P = Rs. 4000
Therefore, Sumit borrowed Rs. 4000 from the Cooperative Bank.
Explanation:
- Sumit borrowed money from Cooperative Bank at a simple interest rate of 5% per annum.
- After 2 years and 6 months (or 2.5 years), he paid back Rs. 2500 to the bank and settled the account.
- We can calculate the borrowed money (Principal amount) using the formula for simple interest: P = (SI * 100) / (R * T).
- Substituting the given values, we find that Sumit borrowed Rs. 4000 from the Cooperative Bank.
- It is important to note that the simple interest formula assumes that the interest is charged only on the principal amount, and there are no additional fees or charges involved in the calculation.
- The calculation of simple interest is straightforward and commonly used in various financial transactions, such as loans, mortgages, and investments.
Community Answer
Sumit borrowed some money from Cooperative Bank at 5% per annum simple...
Time = 2 year and 6 month
= 2.5 year
Rate of interest = 5% yearly
When Rate of calculating half yearly,
then Time = 2 * 2.5 = 5
Rate of interest = (5÷2)% = 2.5%
SI = (P * R * T)/100
P = (SI * 100)/(R * T)
P = (2500 * 100)/(2.5 * 5)
P = (2500 ÷ 2.5) (100 ÷ 5)
P = (25000 ÷ 25) (20)
P = (1000) (20)
P = 2,00,000
So Money is borrowed by Sumit = Rupees 2,00,000
= 2.5 year
Rate of interest = 5% yearly
When Rate of calculating half yearly,
then Time = 2 * 2.5 = 5
Rate of interest = (5÷2)% = 2.5%
SI = (P * R * T)/100
P = (SI * 100)/(R * T)
P = (2500 * 100)/(2.5 * 5)
P = (2500 ÷ 2.5) (100 ÷ 5)
P = (25000 ÷ 25) (20)
P = (1000) (20)
P = 2,00,000
So Money is borrowed by Sumit = Rupees 2,00,000
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Sumit borrowed some money from Cooperative Bank at 5% per annum simple interest after 2 year and 6 month he paid back rupees 2500 to the bank and settled up account calculate how much money is borrowed by Sumit?
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Sumit borrowed some money from Cooperative Bank at 5% per annum simple interest after 2 year and 6 month he paid back rupees 2500 to the bank and settled up account calculate how much money is borrowed by Sumit? for Class 7 2024 is part of Class 7 preparation. The Question and answers have been prepared according to the Class 7 exam syllabus. Information about Sumit borrowed some money from Cooperative Bank at 5% per annum simple interest after 2 year and 6 month he paid back rupees 2500 to the bank and settled up account calculate how much money is borrowed by Sumit? covers all topics & solutions for Class 7 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sumit borrowed some money from Cooperative Bank at 5% per annum simple interest after 2 year and 6 month he paid back rupees 2500 to the bank and settled up account calculate how much money is borrowed by Sumit?.
Sumit borrowed some money from Cooperative Bank at 5% per annum simple interest after 2 year and 6 month he paid back rupees 2500 to the bank and settled up account calculate how much money is borrowed by Sumit? for Class 7 2024 is part of Class 7 preparation. The Question and answers have been prepared according to the Class 7 exam syllabus. Information about Sumit borrowed some money from Cooperative Bank at 5% per annum simple interest after 2 year and 6 month he paid back rupees 2500 to the bank and settled up account calculate how much money is borrowed by Sumit? covers all topics & solutions for Class 7 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sumit borrowed some money from Cooperative Bank at 5% per annum simple interest after 2 year and 6 month he paid back rupees 2500 to the bank and settled up account calculate how much money is borrowed by Sumit?.
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