Answered

A man took loan from a bank at the rate of 8% per annum simple interest. After 4 years he had to pay P6, 200 interest only for the period. What was the principal amount borrowed by him?

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Answer:

1,984 PESOS

Step-by-step explanation:

PRINCIPAL = 6,200 PESOS

RATE = 8% OR 0.08%

TIME = 4 YEARS

6,200 PESOS × 0.08% = 496 PESOS

496 PESOS × 4 YEARS = 1,984 PESOS

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