Question
Raman paid Rs.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?Solution
Let the taken loan =100Rs So, interest on 100 Rs at the rate of 16% for 5 years=5×100×16/100=80Rs ATQ- 80=9600 1=120 100=12000. Taken loan =12000.
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