Aslam borrowed Rs.500000 from a bank at the rate of 7% how much markup he has to pay in one year? options (a) rs.31000 (b) rs.33000 (c) RS.35000 (d) rs.37000
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Answer:
principal= 500000
rate of interest= 7%
time taken= 1 year
simple interest= p*r*t
-----------
100
500000 *7*1
= ------------------------
100
= 5000*7
=35000
so (c) is the correct answer
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