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If Meena pays an interest of 45₹ for one year at the rate of 9% p.a. What is the sum she has borrowed ?
Given :
Meena pays an interest of 45₹ for one year at the rate of 9% p.a.
To find :
We have to find the sum borrowed.
Solution :
Let the sum she borrowed be Rs. P
Therefore,
$Simple\ Interest = \frac{PTR}{100}$
$45 = \frac{P\times1\times 9}{100}$
$9P = 45\times100$
$P = \frac{45\times100}{9}$
$P = 5\times100$
$P = 500$
Therefore, Meena borrowed a sum of Rs. 500.
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