Discussion
Kabir paid Rs. 9600 as interest on a loan he took 5 years ago at 16% rate of simple interest. What was the amount he took as loan?
Answer: B
\[ \text{SI} = \frac{P \times R \times T}{100} \]
\[ 9600 = \frac{P \times 16 \times 5}{100} = 0.8P \]
\[ P = \frac{9600}{0.8} = \text{Rs. } 12{,}000 \]
Over five years at 16% the interest comes to 80% of the loan, which is why the principal is only a little above the interest itself.
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