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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?

Correct Answer: Rs. 800

Explanation:

Let the principle amount be Rs. P


Interest rate = 12%


Total amount he paid after 5 years = Rs. 1280


ATQ, 


P   +   I   =   PTR 100   +   P 1280   =   P TR 100   +   1 1280   =   P 5   x   12 100   +   1 16 P 10   =   1280 P   =   80   x   10   =   800


 


Hence, the amount he borrowed = P = Rs. 800.


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