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Ravindra pays Rs. 4,160 as one year's interest for the amount he borrowed from his friend at the interest rate of 8% per annum. How much money did Ravindra borrow from his friend?

Ravindra pays Rs. 4,160 as one year's interest for the amount he borrowed from his friend at the interest rate of 8% per annum. How much money did Ravindra borrow from his friend? Correct Answer Rs. 52,000

Interest = Rs. 4,160

Rate = 8%

Time = 1 year

Interest = (P × R × T) / 100

=> 4160 = (P × 8 × 1) / 100

=> 4160 × 100 = 8 × P

=> 416000 / 8 = P

=> P = 52,000

So, Ravindra borrowed Rs. 52,000 from his friend.

Hence, 'Rs. 52,000' is the correct answer.

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