May Ann had her engineering review for her board exam a year ago. The family ran out of funds to pay the all the expenses. His father applied for an emergency loan from a bank and paid ₱5,000 per month for one year at an interest rate of 8%. How much was the principal amount of the emergency loan?
(With solution if possible)
Thank you
*serious ans only or i will report*
Answers
Answered by
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Principal amount = ₹55,555.55
Step-by-step explanation:
Let the principal amount be x.
S.I = PxRxT/100 = 8x/100
Amount = P + S.I
5000x12( for a year) = x + 8x/100
60000= 108x/100
x = (60000x100)/108
x = 55,555.55
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