Practicing Success
Practicing Success
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Suman paid ₹9,600 in interest on a loan she obtained 5 years ago with a simple interest rate of 16%. What was the amount of the loan she had taken? |
₹13,250 ₹12,500 ₹12,000 ₹11,750 |
₹12,000 |
Let Principal(P) = 100% Rate(R) = 16% Timr(T) = 5 years Interest(I)= Rate × Time = 16×5= 80% ATQ 80% = Rs 9600 1% = \(\frac{9600}{80}\) = 120 100%= Rs 12000 |
