Question

Ramya borrowed a loan from a bank for buying a computer. After 4 years she paid $26,640 and settled the accounts .If the rate of interest is 12 % per annum ,what was the sum she borrowed​

Answer 1

Step-by-step explanation:

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Answer 2

The sum borrowed by Ramya is Rs 18000

Solution:

Given that Ramya borrowed from bank

Assumed Simple interest:

Given that,

Amount paid after 4 years = 26,640

Interest for 1 year = 12% (Given)

Interest for 4 years = 12 x 4 = 48%

Find the sum borrowed:

Let the  sum borrowed = 100%

Sum paid = 100 + 48 = 148%

Sum paid = Rs 26,640 (Given)

So, 148 % = 26,640

Then we have to find what is 100%

148 % = 26,640

Then 100 % = "x"

By criss cross multiplication we get,

$100 \times 26640 = 148 \times x\\\\x = \frac{100 \times 26640}{148} = 18000$

Hence sum borrowed = Rs 18000

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