Practicing Success
A man took a loan from a bank at the rate of 11% p.a. simple interest. After three years, he had to pay ₹9,570 interest only for the period. The principal amount borrowed by him was: |
₹27,685 ₹26,545 ₹25,000 ₹29,000 |
₹29,000 |
We know , Simple Interest = \(\frac{Principal ×Rate × Time }{100}\) 9570 = \(\frac{Principal ×11 × 3 }{100}\) Principal = \(\frac{9570×100 }{11×3}\) = 29000 |