Vishwajeet lent a personal loan to Polu at 8.5% per annum simple interest in 20 years, the interest amount to Rs. 6,300 more than the loan lent. What was the sum lent?
Question
Vishwajeet lent a personal loan to Polu at 8.5% per annum simple interest in 20 years, the interest amount to Rs. 6,300 more than the loan lent. What was the sum lent?
Solution
Sure, let's solve this step by step.
Step 1: Understand the problem The problem is about simple interest. We know that the formula for simple interest is I = PRT/100, where I is the interest, P is the principal amount (the initial loan), R is the rate of interest, and T is the time in years.
Step 2: Identify the knowns From the problem, we know that:
- R = 8.5% per annum
- T = 20 years
- I = P + 6300
Step 3: Substitute the knowns into the formula We can substitute the knowns into the formula to get: P + 6300 = P * 8.5 * 20 / 100
Step 4: Simplify the equation This simplifies to: P + 6300 = 1.7P
Step 5: Solve for P Subtract P from both sides to get: 6300 = 0.7P Then divide both sides by 0.7 to get: P = 6300 / 0.7 = Rs. 9000
So, the sum lent was Rs. 9000.
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