Question

a man clears all his dues 4 years after taking a loan at 6% per annum. He paid ₹360 as interest. How much loan had the man taken ? What was the total amount he paid back?
(ans. 1500, 1860)

JUST NEED TO SOLVE.. PLEASE​

Answer 1

Step-by-step explanation:

Given

Simple Interest= ₹360

Rate = 6% P. A.

Time = 4 years

Solution:

Let, money taken by man= x rupees

then,

$simple \: interest = \frac{p \times r \times t}{100} \\ 360 = \frac{x \times 6 \times 4}{100} \\ 360= \frac{24x}{100} \\ 360= \frac{6x}{25} \\ x = \frac{360 \times 25}{6} \\ x = 60 \times 25 = 1500 \: rupees \: \\ hence \: principal = 1500 \: rupees \\ amount \: paid \: by \: man = \: simple \: interest \: + principal \\ amount = 360 + 1500 = 1860 \: rupees$

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