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

Answer

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Total Interest = ₹ 378

Rate = 12%

\text { Time }=\frac{1}{12} \text { yrs }

\text { Principal }=\frac{\text { Interest } \times 100}{\text { Rate } \times \text { Time }} \\

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

\therefore He takes loan of ₹ 37800.

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