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Aman invested some amount in a bank for 3 years at 8% simple interest per annum and earned a total interest of Rs. 3720. Find the invested amount.
1. Rs. 15500
2. Rs. 3000
3. Rs. 25000
4. Rs. 16500

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Correct Answer - Option 1 : Rs. 15500

Given:

Simple interest = Rs. 3720

Time (T) = 3 years

Rate (R) = 8%

Concept:

Simple interest is the interest calculated on the principal portion of the loan or the original contribution to the saving account.

Formula Used:

Simple Interest = (P × R × T)/100

Calculation: 

Let the principal be 'P' 

Simple Interest = (P × R × T)/100

⇒ 3720 = (P × 8 × 3)/(100)

⇒ 3720 = 24P/100

⇒ P = 372000 ÷ 24

⇒ P = Rs. 15500

∴ The principal or the amount borrowed from the bank is Rs. 15500.

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