Question 82

M borrowed some money for 1 year at certain simple interest. But the interest rate was increased to 2% which amounted to Rs. 120. Find the principal amount.

Solution

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Given, 2% more interest amounted to Rs.120.
Principal = $$\dfrac{SI\times100}{R\times T} = \dfrac{120\times100}{2\times1} = Rs.6000$$

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