Question

b) business man borrowed a sum of money in a book at the rate o from a finance company at the rate of 18% per year. If he paid an interest of Rs. 2160 at the end of 5 years, find the sum borrowed by him.​

Answer 1

Answer:

Rs.4451.12

Step-by-step explanation:

We know that,

A = P(1 + $\frac{r}{100}$)^n

⇒ 2160 = P(1 +$\frac{20}{100}$)^2

⇒ P = Rs.4451.12