Simple Interest Practice Test 1

Question : 19 of 40

Marks: +1, -0

Surinder lent some money to Ranjit at the rate of simple interest of 5% for 9 years. He received Rs 495 less than its principal as an interest. What was the amount lent by him?

Rs 900
Rs 850
Rs 780
Rs 800
None of these

Validate

Solution:

Let the principal = Rs x
∴ SI = Rs (x - 495) Rate = 5%, Time = 9 years
So,

SI={P×R×T}/100

x-495={x×5×9}/100

100 (x - 495) = 45x

100x - 49,500 = 45x

55x = 49,500

x = Rs 900

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