A bank charges $55$ simple interest on a personal loan for five months. The interest rate at this bank is $12$ % p.a. Calculate how much money the bank loaned?

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Solution

Let money lent be $P$ .
$T = 5$ months
$= \frac{5}{12}$ years
$R = 12$ %
$S . I = R s .55$
$S . I = \frac{P T R}{100}$
$\Rightarrow 55 = \frac{P \times 5 \times 12}{12 \times 100}$
$\Rightarrow P = 11$
$∴$ Banked loaned $11$ .

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A bank charges 55 simple interest on a personal loan for five months. The interest rate at this bank is 12% p.a. Calculate how much money the bank loaned?

Let money lent be P.T=5 months=512 yearsR=12%S.I=Rs.55S.I=PTR100⇒55=P×5×1212×100⇒P=11∴ Banked loaned 11.

A bank charges $55$ simple interest on a personal loan for five months. The interest rate at this bank is $12$ % p.a. Calculate how much money the bank loaned?

Let money lent be $P$ .
$T = 5$ months
$= \frac{5}{12}$ years
$R = 12$ %
$S . I = R s .55$
$S . I = \frac{P T R}{100}$
$\Rightarrow 55 = \frac{P \times 5 \times 12}{12 \times 100}$
$\Rightarrow P = 11$
$∴$ Banked loaned $11$ .