Question

If an amount was borrowed at 16%simple interest for 3 years and rs.11360 was returned after 3 years then what was the amount borrowed

Answer 1

Let the amount borrowed i.e. principal be Rs.p
Amount=Rs.11360 , Time=3years
S.I=Amount - Principal
=Rs.(11360- P)
Rate=16%
Principal=S.I×100/Rate×Time
P=(11360-P)100/16×3
P= 1136000-100P/48
48P=1136000-100P
48P+100P=1136000
148P=1136000
P=1136000/148
P=Rs.7675.67