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Manvendra paid Rs. 4800 as interest on a loan he took 5 years ago at 8% rate of simple interest. What was the amount he took as loan?1. Rs. 108002. Rs. 96003. Rs. 100004. Rs. 12000 |
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Answer» Correct Answer - Option 4 : Rs. 12000 GIVEN: Manvendra paid Rs. 4800 as interest on a loan he took 5 years ago at 8% rate of simple interest. FORMULA USED: Simple Interest = PRT ÷ 100 Where, P = principle, R = Rate of interest, T = time period CALCULATION: Applying the formula: 4800 = (P × 8 × 5)/100 ⇒ P = Rs. 12000 |
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