Q:
Gopal borrowed some money at 12% simple interest. If he had to pay back Rs. 1280 after 5 years, in order to clear off the loan. How much did he borrow?
Answer & Explanation
Answer: A) Rs. 800
Explanation: Let the principle amount be Rs. P
Interest rate = 12%
Total amount he paid after 5 years = Rs. 1280
ATQ,
Hence, the amount he borrowed = P = Rs. 800.
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