Question 68

A borrows a sum of ₹2,000 from his friend B on 31 December 2011 on the condition that he will return the same after one year with simple interest at 8% per annum. However, A gets into a position of returning the money on 1 July 2012. How much amount he has to return to B?

Solution

P= Rs 1200, T= 6 months, R = 8 %

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

S.I = $$\frac{2000\times 6\times 8}{100\times 12}$$ = Rs 80

Amount he has to return to B = 2000 + 80 = Rs 2080

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