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3. How much interest will have to be paid on a loan of
1500 at 21% per annum for a period of 7 months?
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Answer:
Here,
Principal = 1500
Rate = 21%
Time = 7m
Simple Interest = ?
Weknow,
Simple Interest = P×T×R
100
= 1500×21×7
100
= Rs 45
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