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A man took a loan from a bank at the rate of 11% p.a. simple interest. After three years, he had to pay Rs. 9570 interest only for the period. The principal amount borrowed by him was:1. Rs. 27,6852. Rs. 25,0003. Rs. 29,0004. Rs. 26,545 |
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Answer» Correct Answer - Option 3 : Rs. 29,000 Given: Rate = 11% Time = 3 years Simple interest(S.I) = Rs. 9570 Formula used: Simple interest = (P × R × T)/100 Calculation: ⇒ P = (S.I × 100)/(R × T) ⇒ P = (9570 × 100)/(11 × 3) ⇒ P = 29000 ∴ The principal amount borrowed by him was Rs. 29000. |
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