Question

Ram borrowed Rs.2500.00 from bank on January 8, 2009, at 12% per annum. How
much total amount will be return to Bank on March 21, 2009.
​

Answer 1

Answer:

Rs.3000

Step-by-step explanation:

Normally number of days is calculated by excluding either last date or first date. Here we exclude the last date.

Number of days from 1st January 2012 to 6th August 2012

= 31(Jan) + 29(Feb) + 31(Mar) + 30(Apr) + 31(May) + 30(Jun) + 31(Jul) + 6(Aug)

= 219

P

+

P

×

8

×

219

365

100

=

3144

P

+

P

×

8

×

3

5

100

=

3144

100

P

+

24

P

5

=

314400

524

P

5

=

314400

P

=

314400

×

5

524

=

600

×

5

=

3000