A man lent a sum of money at the rate of simple interest of 4%. If the interest for 8 years is Rs 340 less than the principal, the principal is

Rs 500
Rs 520
Rs 540
Rs 560

Correct Answer: Rs 500

Explanation:

Rate = 4%

Time = 8 years

Simple Interest = PTR/100

= 32P/100

Given, P –32P/100 = 34068

P = 34000

P = 500

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