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What sum of money lent out on simple interest will amount to₹1904 in 3 years at 1% per month? |
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Answer» 1 month = 1%12 months = 1 x 12 = 12%1 year = 12%3 years = 12 x 3 = 36% Original amount = 100%Original amount + interest = 100 + 36 = 136%Find the original amount:136% = Rs 19041% = 1904 ÷136 = Rs 14100% = 14 x 100 = Rs 1400 is the sum of money lent out |
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