1.

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

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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