Archana took a loan of ₹78,000 from a bank on 24th January 2012 at % per annum simple interest and paid it back on 18th June 2012. Find the total amount paid by Archana. (Approximated to nearest integer)
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. ₹80,741.
Given that
The principal amount = ₹78,000
Rate of interest = %
Time = From 24th January 2012 to 18th June 2012 = 146 days
Formula used
S.I. = PRT/100
Amount = Principal + S.I.
where, P = principal, R = rate of interest, T = Time
Calculation
S.I. = 78000 × (35/4) × (146/366)/100
S.I. = ₹2722.54
Hence, Amount = ₹78000 + ₹2722.54 = ₹80722.54 = ₹80723 (approx)