Q. 64.3( 29 Votes )

Goutam took a loan of some money from a Cooperative bank for opening a poultry farm atthe 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 :

Time = 1 month = yr

As we know,

Here, P = ?, r = 12, t = yr and I = Rs. 378

= Rs. 37800

Hence, loan amount taken by him Rs. 37800

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