Question
Download Solution PDFArchana took a loan of ₹78,000 from a bank on 24th January 2012 at \(8 \frac{3}{4}\)% per annum simple interest and paid it back on 18th June 2012. Find the total amount paid by Archana. (Approximated to nearest integer)
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven :
Principal = Rs.78000
Time = 146 days
Rate = 35/4 %
Formula Used :
SI = (P × R × T)/100
Calculation :
Jan. = 8 days
Feb. = 29 days
March = 31 days
April = 30 days
May = 31 days
June = 17 days ----(not 18 because she paid it back on 18th June)
So, 8 + 29 + 31 + 30 + 31 + 17 = 146 days
⇒ SI = 78000 × 35/4 × 146/366 × 1/100
⇒ SI = 3985800/1464 = 2722.54098
Amount = 78000 + 2722.54098 = 80722.541
Amount = Rs.80723
∴ The correct answer is Rs.80723.
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