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I borrowed money at 8 percent per annum I had to pay 138.75 as interest after 3 years and one month what sum did I borrow?
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I borrowed money at 8 percent per annum I had to pay 138.75 as interes...
Understanding the Problem
To determine the principal amount borrowed, we need to use the information provided about the interest paid, the interest rate, and the time period.
Given Information
- Interest Rate: 8% per annum
- Total Interest Paid: 138.75
- Time Period: 3 years and 1 month
Calculating the Time in Years
- Convert 1 month into years:
- 1 month = 1/12 years
- Total Time = 3 + 1/12 = 3.0833 years (approximately)
Using the Simple Interest Formula
The formula for calculating Simple Interest is:
- Simple Interest (SI) = Principal (P) × Rate (R) × Time (T)
Where:
- SI = Total Interest paid
- R = Interest Rate (in decimal)
- T = Time in years
Rearranging the Formula
To find the Principal (P), we rearrange the formula:
- P = SI / (R × T)
Substituting the Values
- SI = 138.75
- R = 8% = 0.08
- T = 3.0833 years
Calculating Principal
Now plug in the values:
- P = 138.75 / (0.08 × 3.0833)
Final Calculation
- P = 138.75 / 0.246664
- P ≈ 562.50
Conclusion
The sum of money borrowed is approximately 562.50. This calculation shows how to determine the principal amount using interest paid, rate, and time effectively.
To determine the principal amount borrowed, we need to use the information provided about the interest paid, the interest rate, and the time period.
Given Information
- Interest Rate: 8% per annum
- Total Interest Paid: 138.75
- Time Period: 3 years and 1 month
Calculating the Time in Years
- Convert 1 month into years:
- 1 month = 1/12 years
- Total Time = 3 + 1/12 = 3.0833 years (approximately)
Using the Simple Interest Formula
The formula for calculating Simple Interest is:
- Simple Interest (SI) = Principal (P) × Rate (R) × Time (T)
Where:
- SI = Total Interest paid
- R = Interest Rate (in decimal)
- T = Time in years
Rearranging the Formula
To find the Principal (P), we rearrange the formula:
- P = SI / (R × T)
Substituting the Values
- SI = 138.75
- R = 8% = 0.08
- T = 3.0833 years
Calculating Principal
Now plug in the values:
- P = 138.75 / (0.08 × 3.0833)
Final Calculation
- P = 138.75 / 0.246664
- P ≈ 562.50
Conclusion
The sum of money borrowed is approximately 562.50. This calculation shows how to determine the principal amount using interest paid, rate, and time effectively.
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I borrowed money at 8 percent per annum I had to pay 138.75 as interest after 3 years and one month what sum did I borrow?
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I borrowed money at 8 percent per annum I had to pay 138.75 as interest after 3 years and one month what sum did I borrow? 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 I borrowed money at 8 percent per annum I had to pay 138.75 as interest after 3 years and one month what sum did I borrow? covers all topics & solutions for Class 7 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for I borrowed money at 8 percent per annum I had to pay 138.75 as interest after 3 years and one month what sum did I borrow?.
I borrowed money at 8 percent per annum I had to pay 138.75 as interest after 3 years and one month what sum did I borrow? 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 I borrowed money at 8 percent per annum I had to pay 138.75 as interest after 3 years and one month what sum did I borrow? covers all topics & solutions for Class 7 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for I borrowed money at 8 percent per annum I had to pay 138.75 as interest after 3 years and one month what sum did I borrow?.
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