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24. 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
Answers (1)
Because S.I is always equal in every year , so in 5 years with 8 % rate S.I 40 % of P
Amount is 40 % of P
Amount is $140 \%$ of $\mathrm{P}$ so, $\mathrm{p}$ is $(10640 / 140) \times 100=7600$
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