Question

    A man borrowed money at a 22% per annum simple interest. If

    he paid Rs. 10,450 after 36 months to clear his debt, how much did he originally borrow?
    A Rs.5280 Correct Answer Incorrect Answer
    B Rs.5775 Correct Answer Incorrect Answer
    C Rs.5000 Correct Answer Incorrect Answer
    D Rs.6300 Correct Answer Incorrect Answer

    Solution

    ATQ,

    Let the borrowed amount be Rs ‘x’.

    ATQ;

    (10450 – x) = (x × 22 × 36) ÷ (100 × 12)

    Or, (10450 – x) = (33x/50)

    Or, 10450 = {(33x/50) + x}

    Or, 10450 = (83x/50)

    So, x = 6300

    Therefore, the amount borrowed was Rs. 6,300.

    Practice Next
    More Simple and compound interest Questions