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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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