Multiple choice

Sudhir has taken some amount on Simple Interest @ 16%. After 3 years, he has cleared the loan by paying Rs.11,360. What was the principal amount?

  1. Rs. 1105.74

  2. Rs. 3260.45

  3. Rs. 5464.52

  4. Rs. 7675.67
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Amount = P + SI = P + (P*R*T)/100. 11360 = P + (P*16*3)/100 = P(1 + 0.48) = 1.48P. P = 11360 / 1.48 = 7675.67.

AI explanation

Using the simple interest formula Amount equals Principal plus Interest, we have 11360 equals Principal plus (Principal times 16 times 3 divided by 100). This simplifies to 11360 equals Principal multiplied by 1.48. Dividing 11360 by 1.48 gives the principal amount, resulting in Rs. 7675.67.

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