Discussion
A certain sum of money amounts to Rs. 20,160 in 5 years at 8% interest. Find the principal
Answer: D
The principal is Rs. 14,400.
At 8% simple interest for 5 years the interest is 40% of the principal, so the amount is 140% of it:
\[ \begin{aligned} P \times \frac{140}{100} &= 20160 \\ P &= \frac{20160 \times 100}{140} = 14400 \end{aligned} \]
Check: interest on 14,400 is 14,400 \(\times\) 8 \(\times\) 5 / 100 = 5,760, and 14,400 + 5,760 = 20,160. Rs. 14,440 is a near miss, and Rs. 14,000 would give only Rs. 19,600.
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