Question

A person took a loan of Rs.1500 from his employer for 3 months at 12% per annum simple interest the amount he has to return is

Answer 1

A person took a loan of Rs.1500 from his employer for 3 months at 12% per annum simple interest the amount he has to return is Rs 1545

Answer 2

Given:

Loan Amount = Rs.1500

Time = 3 months

Rate = 12%

To find:

The amount to be returned

Solution:

Since time is 3 months, thus = 3/12 ( 12 months in a year)

Using the formula of simple interest = P.R.T/100

Substituting the value -

= 1500 × 12 × 3/12 × 100

= 15 × 3

= 45

Total amount = Principal + Simple interest

= 1500 + 45

= 1545

Answer: The amount to be returned is Rs. 1545