Question

A farmer clears his dues on a loan taken from a co-operative bank at 11%p.a.after 18 months, paying $587.40 as interest. how much money had he taken as loan?

Answer 1

Answer:

rate of interest=11 per cent

Time taken= 18 months = 18/12 year=1.5 year

Interest= 587.40 dollar

Principal× Rate of interest×Time/100=587.40

P×11×1.5 /100=587.40

P=587.40×100/11×1.5

P=3560

Answer 2

Step-by-step explanation:

Hope this will help you