A money lender was paid back *2250 after a period of 2 years at an interest
rate of 12.5% p.a.. Find the Principal?
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A money lender was paid back *2250 after a period of 2 years at an interest
rate of 12.5% p.a.. Find the Principal?
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Answer:
To find the principal amount, you can use the formula for simple interest:
\[ \text{Simple Interest} = \frac{P \cdot R \cdot T}{100} \]
Where:
- \( P \) is the principal amount
- \( R \) is the rate of interest per annum
- \( T \) is the time in years
Given that the simple interest (\(SI\)) is \(2250\), the rate of interest (\(R\)) is \(12.5\%\), and the time (\(T\)) is \(2\) years, you can rearrange the formula to solve for \(P\):
\[ P = \frac{SI \cdot 100}{R \cdot T} \]
Now, plug in the values:
\[ P = \frac{2250 \cdot 100}{12.5 \cdot 2} \]
Calculate this to find the principal amount.
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