Question

Gurdeep took a bank loan at 10% interest per annum to buy a machine. He paid back ₹21,000 after 6 years. Find the loan amount taken by her from the bank.​

Answer 1

Step-by-step explanation:

Gurdeep took a bank loan at 10% interest per annum to buy a machine. He paid back ₹21,000 after 6 years. Find the loan amount taken by her from the bank.

Answer 2

₹13125

Explanation:

Given,

Rate = 10%

Time = 6 years

Amount = ₹21,000

To find,

Principal

Procedure,

$amount = p(1 + \frac{r \times t}{100} )$

$21000 = p(1 + \frac{10\times 6}{100} )$

$21000 = p(1 + \frac{60}{100} )$

$21000 = p( \frac{1 \times 100}{1 \times 100} + \frac{60}{100} )$

$21000 = p( \frac{100}{100} + \frac{60}{100} )$

$21000 = p( \frac{160}{100} )$

$p = \frac{21000}{160} \times 100$

$p = \frac{21000 \times 100}{160}$

$p = \frac{2100000}{160}$

$p = 13125$

Therefore, the bank loan is ₹13125

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