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A moneylender’s income decreased by $60 When the rate of interest dropped from 8% per annum to 7 3/4 % per annum . What was his principal?

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sqdancefan

Answer:

  $24,000

Step-by-step explanation:

The difference for principal amount P is ...

  (8% × P) - (7 3/4% × P) = $60

  0.0025P = $60

  P = $24,000 . . . . . multiply by 400

His principal was $24,000.

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