a person borrowed a sum of money for 11 years from a bank to buy a car at 6% per annum rate of intrest. At the end of the sipulated time, he paid back 398400 to the bank. Calculate the principal.
Please solve this for me its urgent.
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7
Answer:
240000
Step-by-step explanation:
1 let the principal be 100
Interest= p*r*t/100
= 100*6*11/40
= 66
therefore, amount = p+I = 100+66 = 166
if amount 166, then principal = 100
if amount 1, then principal = 100/166
if amount 398400, then principal = (100/166*398400)
= 240000
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