Question

() 28250 in 5 years al we 14. Mr Sharma borrowed some money from a friend at the interest rate of 8% per annum. He repaid his debt by paying 716 800 at the end of 5 years. How much did he borrow?​

Answer 1

Correct Question

Mr Sharma borrowed some money from a friend at the interest rate of 8% per annum. He repaid his debt by paying 716 800 at the end of 5 years. How much did he borrow?

Answer

Given :

Total Amount : ₹716800

Rate of interest : 8%

Time : 5 years

To find :

The money borrowed by Mr.Sharma.

Solution :

First, we should find the interest amount to be paid by him.

Let the principle amount be P.

According to the question,

$\sf \dashrightarrow SI = \dfrac{P \times R \times T}{100}$

$\sf \dashrightarrow \dfrac{P \times 8 \times 5}{100}$

$\sf \dashrightarrow \dfrac{P \times 40}{100}$

$\sf \dashrightarrow \dfrac{P \times 2}{5}$

$\sf \dashrightarrow \dfrac{2P}{5}$

Now, let's find the value of principle amount by the formula of total amount.

$\sf \dashrightarrow Amount = Principle + Simple \: Interest$

$\sf \dashrightarrow 716800 = P + \dfrac{2P}{5}$

$\sf \dashrightarrow P + \dfrac{2P}{5} = 716800$

$\sf \dashrightarrow \dfrac{5P + 2P}{5} = 716800$

$\sf \dashrightarrow \dfrac{7P}{5} = 716800$

$\sf \dashrightarrow 7P = 716800 \times 5$

$\sf \dashrightarrow 7P = 3584000$

$\sf \dashrightarrow P = \dfrac{3584000}{7}$

$\sf \dashrightarrow P = 512000$

Hence, the money borrowed by Mr.Sharma is ₹512000.