Manoj borrowed ? 8000 on 26th March, 2001 from a Co-operative Bank at the rate of 12%
annum simple interest. If he wants to clear the account on 7th June, 2001, then what amount
Ex
he have to pay ?
Answers
Answered by
5
Answer:
8194.63
Step-by-step explanation:
time for which he borrowed the money
= 6 days of march + 30 (april) + 31( may) + 7 (June)
= 6+ 30 + 31 + 7 = 74 days
2001 was not a leap year so it would have 365 days
S.I for 1 yr = 12% of 8000 = 960
s.i for 74 days = 74/365 * 960 = 194.63
Amount he has to pay
= 8000 +194.63 = 8194.63
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