SOLUTION: What sum of money lent out at simple interest will amount to Rs 3700 in 4 years at 1% per month

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Question 1010967: What sum of money lent out at simple interest will amount to Rs 3700 in 4 years at 1% per month
Answer by macston(5194) About Me  (Show Source):
You can put this solution on YOUR website!
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total interest = (1%/month)(12 months/year)(4 years)=48%
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Let X = original amount
original amount + interest = final amount
X + 0.48X = Rs 3700
1.48X = Rs 3700
X=Rs 3700/1.48
X=Rs 2500
ANSWER: The original loan amount is Rs 2500.