Question

Paul borrowed a loan from a bank at a rate of 12% p.a. simple interest. If he had to pay the amount of 632800Rs
what was the amount he borrowed?​

Answer 1

Answer:

31640000/6

Step-by-step explanation:

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Answer 2

Paul had borrowed Rs 565,000.

Given,

Rate of interest=12%p.a.

Amount to be paid= Rs 632800

To find,

The principal amount borrowed by Paul.

Solution,

As the time is not given, let's assume that the loan was for one year.

We know, the formula of simple interest.

S.I.=(P×R×T)/100

SI=(P×12×1)/100

SI=12P/100

Now,

Amount = Principal + Simple interest.

632800=P+12P/100

632800=112P/100

(632800×100)/12=P

P=565,000

So, Paul had borrowed Rs 565,000.

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