Question

3) A farmer clears his loan taken from a bank at 11 p.c.p.a after 18 months paying Rs.
587.40 as interest. How much money had he taken as a loan.


please give correct ans otherwise I report ​

Answer 1

Answer:

3560

Step-by-step explanation:

rate of interest = 11

time taken = 18 months = 18/12 = 1.5years

formula,

P×R×T/100 = 587.40

P × 11 × 1.5/100 = 587.40

P = 587.40 × 100 / 11 × 1.5

p = 5340/1.5

P = 3560