Neeraj borrowed ?1500 on 27 march 1997 from a friend at the rate of 4% per annum simple interest.If he clears the loan on 8 June 1998 how much interest will he have to pay?
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Total interest is Rs 72
Let us first calculate the time period between 27 March 1997 and 8 June 1998.
Remaining days in March = 4.
So, 31 March 1997 to 31 March 1998 = 365 days.
April = 30 days
May = 31 days
June = 8 days.
Tota days = 4+365+30+31+8 = 438 days
In years it is about 438/365 = 1.2 years.
Rate (R) = 4% p.a
Time (T) = 1.2 years.
Principal money (P) = Rs 1500
We know, Simple Interest (SI) = PRT/100
= 1500*4*1.2/100
= 72
Thus, total interest to be paid is Rs 72.
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