Question

Gopal borrowed some money at 12% simple interest. If he had to pay back Rs. 1280 after 5 years, in order to clear off the loan. How much did he borrow?
A) Rs. 800
B) Rs. 620
C) Rs. 560
D) Rs. 480

Answer 1

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Answer 2

Hey mate ^_^

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Answer:
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Let the principle amount be Rs. P

Now,

Interest rate = 12%

So,

Total amount he paid after 5 years $= Rs. 1280$

Now,

P + I = $\frac{PTR}{100} + P$

$1280 = P \: ( \frac{TR}{100} + 1)$

$1280 = P( \frac{5 \times 12}{100} + 1)$

$\frac{16P}{100}= 1280$

$P = 80 \times 10 = 800$

Therefore,

Correct option A) Rs. 800

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