In how many years at 8% per annum simple interest, will the interest be half of the principal?

Question

Ramesh bought a mobile from a local store. He paid 1/6 of the price via UPI and 1/3 of the price via cash. He agreed to pay the balance amount a year later. While paying back the balance amount, Ramesh paid 10% interest on the balance amount. If the interest paid was Rs. 6000, what was the original price of the mobile?

Answer 1

The correct answer is option (C):

6.25 years

Let P be the principal, R be the rate of interest per annum, and T be the time in years.
The formula for simple interest (SI) is:
SI = (P * R * T) / 100

We are given that the interest is half of the principal. This means:
SI = P/2

We are also given that the rate of interest is 8% per annum, so R = 8.

We can substitute these values into the simple interest formula:
P/2 = (P * 8 * T) / 100

Now, we can solve for T. First, we can divide both sides by P (assuming P is not zero):
1/2 = (8 * T) / 100

Next, multiply both sides by 100:
50 = 8 * T

Finally, divide both sides by 8:
T = 50 / 8
T = 6.25

Therefore, the time is 6.25 years.

In how many years at 8% per annum simple interest, will the interest be half of the principal?

The Correct Option is C

Solution and Explanation

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