Question

a man wants to borrow money for 3 months @ 6 % per annum interest payble in advance. how much should he borrow if he needs 2500 immediately​

Answer 1

Step-by-step explanation:

this is a case of simple interest

SI = P*R*t/100 = 2500*6*1/400= 75/2=37.5

since advance is payable in advance, he should borrow 2537.5

Answer 2

Answer:

He should borrow 2538 rupees

Step-by-step explanation:

If man borrows money for 3 months, then,

Interest Percentage = (6/12) × 3 = 1.5%

If the man borrows 2500 rupees, that means, 2500 is equal to 98.5% of the Borrowed Amount.

∴ 98.5% of X = 2500

98.5/100 × X = 2500

X = 2538