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    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’.
    A 17 Correct Answer Incorrect Answer
    B 12 Correct Answer Incorrect Answer
    C 23 Correct Answer Incorrect Answer
    D 42 Correct Answer Incorrect Answer

    Solution

    Simple interest to be paid = 28000 – 25000 = Rs. 3,000 ATQ; 3000 = (25000 × 12 × m) ÷ 1200 Or, m = 12

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