Question
Download Solution PDFSimple interest at 8% rate of interest for 10 years is Rs. 17600. Find the principle?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Rate of interest (r) = 8%
Time (t) = 10 years
Simple Interest (SI) = ₹17,600
Formula used:
SI = P × r × t / 100
Calculations:
17600 = P × 8 × 10 / 100
⇒ 17600 = P × 80 / 100
⇒ 17600 = P × 0.8
⇒ P = 17600 / 0.8
⇒ P = ₹22,000
∴ The principal is ₹22,000.
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