Question

if an amount was borrowed at 16% simple interest for 3 years and rupees 11360 was returned 3 years then what was the amount borrowed

Answer 1

The amount borrow is 7675.68 rupees

Explanantion:

As a simple interest; total interest for 3 years is 16 x 3 =48 %

Total amount after 3 years = Principal (100 %) + interests for 3 years (48 %) = 148 %

148 % is equivalent to Rs. 11360  

=> 1 % = Rs. 11360/148

=> Principal = 100 % =  Rs. 11360/148 x 100 = Rs. 7675.68