Ravi took a loan of 2,50,000 from a bank to purchase a car at a rate 12% p.a. at simple interest and his friend Soumil took same loan for same time...
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Principal = ₹250000
rate = 12% p.a
time = 1 year(assumption, year is not mentioned in qn)
Simple interest = 250000 × 12/100 × 1
= 30000
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