Raju took a loan at 8% per annum simple interest for a period of 5 years. At the end of five years he paid Rs.10640 to clear his loan. How much loan did he take?

 

  • Option 1)

     

    Rs 8500

     

  • Option 2)

     

    Rs 8000

     

  • Option 3)

     

    Rs 7700

     

  • Option 4)

     

    Rs 7600

     

  • Option 5)

     

    Rs 7500

     

Answers (1)

Rate of interest fo 1 year = 8 percent
Rate of interest for 5 years = 8 x 5 => 40%

As per the given data,

Loan Amount x 140/100 = 10640

Loan Amount = 7600

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