Question
A man deposits Rs. 36,000 at a simple interest rate of 25%
per annum. What will be the total amount after 30 months?Solution
ATQ,
Simple interest = (Sum × Rate of Interest × Time in months) ÷ (100 × 12)
= 36000 × 25 × 30 ÷ (100 × 12)
= 36000 × 25 × 30 ÷ 1200
= 22500
Amount after 30 months = Principal + Interest
= 36000 + 22500
= Rs.58,500
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