Question
Ravi borrowed Rs. 25,000 from a finance company at a
simple interest rate of 12% per annum. If he repaid Rs. 28,000 after ‘m’ months, find the value of ‘m’.Solution
Simple interest to be paid = 28000 – 25000 = Rs. 3,000 ATQ; 3000 = (25000 × 12 × m) ÷ 1200 Or, m = 12
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