If a person takes a loan of Rs10000 at the time of his need at 5% interest per month, how much
money would he have to repay after a year?
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Answer:
16,000
Rate of interest = 5% per month or 60%per annum
interest on total amount in 1 year = (PRT) /100
= (10000 X 60 X 1)/100
=6000
TOTAL AMOUNT TO PAY = Principle + interest
= 10000 + 6000
= 16000 rupees
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