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Question

A certain amount is borrowed from a bank for a year at a rate of 10% per annum and a interest  of  ₹500 is paid , then the borrowed amount is  ₹
  1. 4500
  2. 3900
  3. 5000


Solution

The correct option is C 5000
Given the  amount paid as interest is ₹500
And, interest rate is 10%
Let  the amount borrowed be x 
So, 
500x=10100
500x=110
x=5000
So, the borrowed amount borrowed is ₹5000

 

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