Question 96

Mr.Nair's monthly salary is rs 22,500. He took a loan of rs 30,000 on simple interest for 3 years at the rate of 5 p.c.p.a. The amount that he will be paying as simple interest in 3 years is what percent of his monthly salary ?

Solution

Interest = (Principal * interest * No. of years ) 

Interest = (30,000*3*5)/100

Interest = 4,500

x% of 22,500 = 4,500

x = (4500/22,500)*100

x = 20

 

 


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