Question

4. If Sohail pays 1.30 for using Prabhu's money from
2nd January to 7th January at 3% per month, how much
loan had Sohail taken from Prabhu?
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Answer 1

Answer:

Step-by-step explanation:

Amount Paid =  ₹1.30

Rate of interest for 1 month (30 days) = 3 % = 3/100 = 0.03

Rate of interest for 1 day = 0.03/30 = 0.001

Rate of interest for 6 days (2nd to 7th) = 0.001 × 6 = 0.006

Let the principal amount = x

Then

x + x(0.006) = 1.30

(1+0.006) x = 1.30

1.006 x = 1.30

      x  = 1.30/1.006

      x =  ₹ 1.2992  ( Sohail took this amount of money from Prabhu )