coach bernard borrowed money from his friend 8percent simple interest if he paid an interest of 480.00 after 18 months how much money did he borrow?
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Given : coach bernard borrowed money from his friend 8 percent simple interest
He paid an interest of 480.00 after 18 months
To Find : how much money did he borrow
Solution:
coach bernard borrowed money = P
Rate of interest = 8 % per annum
Time = 18 month = 1 .5 years
SI = 480
SI = P * R * T / 100
480 = P * 8 * 1.5 /100
=> 480 x 100 = 12P
=> 40 * 100 = P
=> P = 4000
Amount borrowed = Rs 4000
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