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Mr.Peter borrowed some money at a simple interest of 5% per annum. He repaid Rs. 13,200 after 4 years. Find the sum he borrowed.
1. Rs. 10,000
2. Rs. 11,000
3. Rs. 14,000
4. Rs. 24,000

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Correct Answer - Option 2 : Rs. 11,000

Given

Amount = Rs. 13,200

Time = 4 years

Rate = 5% per an um

Formula used

Simple interest = (p × r × t)/100

Where p, r and t are principal, rate and time respectively.

Simple interest = Amount - Principal

Calculation

Let the principal is Rs. x

Simple interest = 13,200 - x

13,200 - x = (x × 5 × 4)/100

⇒ 1320000 - 100x = 20x

⇒ 1320000 = 120x

⇒ x = 1320000/120

⇒ x = Rs. 11,000

∴ Rs. 11,000 is a sum borrowed by Mr Peter.

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