A person took some loan from a bank at the rate of 15% annual interest . If he pays back Rs 7250 after 3 years then what is the amount of loan.
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Answer:
The answer is Rs.5000
Step-by-step explanation:
Let Principal = P
Amount = A = Rs. 7250
Time = T = 3 years
Simple interest = S.I = A - P
Rate = R = 15%
S.I = =
=> A - P =
=> 7250 = P +
=> = 7250
=> 29P = 7250 x 20
=> P = = Rs. 5000
Hence, the total loa id Rs.5000
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