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?
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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