Mathematics
Grade-7
Easy

Question

A banker gives loan at 13% per year in simple interest. The bank collects £1300 over a period of 2 years in interest. __________ is the amount given on loan.

  1. 5000
  2. 1250
  3. 1524
  4. 1400

hintHint:

S.I  = (P x T x R )/100

The correct answer is: 5000


    P= ?, R= 13%= 0.13 , T = 2 year, I = £1300
    Simple interest, I = PRT
    £1300 = P × 0.13 × 2
    P = fraction numerator 1300 over denominator 0.13 cross times 2 end fraction = £5000

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