Question
Download Solution PDFA person invested Rs. 9,000 at certain rate of simple interest for 7 years. If the ratio between total interest received and the principal amount is 7 : 10. Find the value of simple interest.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal amount (P) = Rs. 9,000
Time (T) = 7 years
Ratio between total interest and principal = 7 : 10
Formula used:
Simple Interest (SI) = (P × R × T) / 100
Calculation:
We are given that the ratio of the total interest (SI) to the principal amount (P) is 7 : 10. This means:
SI / P = 7 / 10
Substitute P = 9000 into the equation:
SI / 9000 = 7 / 10
SI = (7 / 10) × 9000
SI = 6300
∴ The simple interest is Rs. 6300.
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