A person borrows 20,000 from the bank at simple interest rate of 12% per
annual. How much total money has he to repay exactly after one year?
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Answer:
Principal=Rs20,000
Rate of interest= 12%
Time=1year
S.I=Rs(20000×12×1/100)
S.I.=Rs 2400
Amount=Rs(20000+2400)
=Rs 22400
Therefore, the person has to repay Rs 22400 after a period of one year.
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