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How much should money lender lend at the simple rate of interest of $15 %$ in order to have $Rs . 3234$ at the end of $1 \frac{1}{2}$ years?

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Rs . 2610

Rs . 2640

Rs . 2620

Rs . 1640

answer is D.

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Detailed Solution

Given,
Rate of interest = 15%
Amount = Rs.3234
Time =

1 \frac{1}{2}

years
We know that,
Total Amount = Principle (1+

\frac{Rate of Interest \times Time}{100}

)
Let principle amount, the money lended be

x

.
Then, Total amount

=

x (1 + \frac{15}{100} \times \frac{3}{2})

⇒

3234 = x (1 + \frac{15}{100} \times \frac{3}{2})

\Rightarrow \frac{49 x}{40} = 3234

\Rightarrow x = \frac{3234 \times 40}{49}

\Rightarrow x = Rs . 2640

Thus, the principal will be Rs.2640.
Therefore, the correct option is 4.

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