A man took loan from a bank at the rate of 8% p.a. simple interest. After 4 years he had to pay $250 interest only for the period. The principal amount borrowed by him was:
Choose the correct choice.
A) $881.25 B) $781.25 C) $761.35 D) $661.25 E) $681.55
Principal(P) = ?   Time(T) = 4 years   Simple Interest(SI) = $250   R = 8%   P = 100×SI / RT=100×250 / 8×4 = $781.25   ANSWER:$781.25
<result>B</result>
A man took loan from a bank at the rate of 8% p.a. simple interest. After 4 years he had to pay $250 interest only for the period. The principal amount borrowed by him was: