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If Meena gives an interest of Rs. 45 for one year at 9% rate p.a.
What is the sum she has borrowed?

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Detailed Solution

Concept: Simple Interest (S.I.) is the method of calculating the interest amount for a particular principal amount of money at some rate of interest.

Simple Interest = \frac{(principle value) \times (Interest rate) \times (time period)}{100}

Initial amount borrowed by Meena is

Rs 45

.
So,

Simple interest = Rs 45

Given,

Rate for interest for 1 year = 9 % p . a

Time period = = 1 Year

Here,

Simple Interest = \frac{(principle value) \times (Interest rate) \times (time period)}{100}

S . I . = \frac{P \times 9 \times 1}{100}

P = \frac{4500}{9}

P = 500

Hence, amount that Meena borrowed was

Rs 500

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