Question 136

Mr.Khanna took a loan of Rs 10,000 on simple interest at the rate of 3% pa. The total amount that he will be paying as interest in 2 years is 3% of his monthly salary. What is his monthly salary ?

Solution

Simple interest = Principal * no. of years * rate of interest = 10,000*2*.03=600
Let his salary be x
.03x=600
x=20,000

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