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 A man borrows a sum of money at the rate of simple interest of 10% per annum. If the interest for 6 years is Rs. 400 less than the principal then find the principal.
1. Rs. 1000
2. Rs. 2000
3. Rs. 2500
4. Rs. 4000

1 Answer

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Best answer
Correct Answer - Option 1 : Rs. 1000

Given:

The rate of interest = 10% per annum

Time = 6 years

P - S.I = Rs. 400

Formula Used:

S.I = (PRT)/100

Where,

S.I = Simple interest

P = Principal

R = Rate of interest

T = Time duration

Calculation:

According to the question, we have

(P - 400) = (P × 10 × 6)/100

⇒ 10P - 4000 = 6P

⇒ 10P - 6P = 4000

⇒ 4P = 4000

⇒ P = Rs. 1000

∴ The principal is Rs. 4000.

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