Question 56

A borrowed a sum of ₹3,000 from his friend B on 31 December 2007 on the condition that he would return the same after one year with simple interest at 15% per annum. However, A gets into a position of returning the sum on 31 August 2008. How much amounthad to return to B?

Solution

P = 3000, R = 15%, T= 8 months...(31st dec to 31st aug)

S.I = $$\frac{P\times T\times R}{100}$$

S.I=$$\frac{3000\times 8\times 15}{100\times12}$$= Rs 300

Amount = P+S.I=3000+300= Rs 3300

So, amount he had to return = Rs 3300

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