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Question 138
Mr. Khanna took a loan of Rs.10,000/- on simple interest for two years at the rate 3 p.c:p.a: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
$$S.I. = \frac{Principal \times Rate \times time}{100}$$
= $$\frac{10,000 \times 3 \times 2}{100}$$
= Rs. $$600$$
$$\therefore$$ Mr. Khanna's monthly salary
= $$600 \times \frac{100}{3}$$
= Rs. $$20,000$$
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