Question

Goutam took a loan of some money from a Cooperative bank for opening a poultry farm at the rate of simple interest of 12% per annum. Every month he has to repay ₹ 378 as interest. Let us determine the loan amount taken by him

December 27, 2023

Answer

Total Interest = ₹ 378

Rate = 12 %

time (t) = $\frac{1}{12}$ yrs

Principal = $Interest × 100\over rate × time$

= $\text { ₹ } \frac{378 \times 100}{12 \times \frac{1}{12}}=\text { ₹ } 37800$

∴ He takes loan of ₹ 37800

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