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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

Category: Simple Interest

December 27, 2023

Answer

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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