Simple Interest Practice Test 4

Question : 6 of 26

Marks: +1, -0

A farmer took a loan at 12 per cent per annum at simple interest. After 4 years he settled the loan by paying Rs. 2442. What was the principal amount?

Rs. 1542
1550
Rs. 1600
Rs. 1650

Validate

Solution:

Let principal = Rs. x, then

x+{x×12×4}/100=2442

⇒{37x}/25=2442

∴x={2442×25}/37=1650

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