Question
Download Solution PDFA person lent a certain sum of money at the annual rate of 7 percent on simple interest and the interest received in 11 years is Rs. 920 less than the sum lent. What is the sum lent?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Rate = 7%
Time = 11 years
Formula used:
SI = PRT/100
Calculations:
Let the amount lent be P
Interest earned = P - 920
According to the formula,
⇒ SI = PRT/100
⇒ P - 920 = \(\frac{P\times 7\times 11}{100}\)
⇒ 100P - 92000 = 77P
⇒ 100P - 77P = 92000
⇒ 23P = 92000
⇒ P = 4000
⇒ Hence, The amount lent is Rs. 4000
Last updated on Jul 14, 2025
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