Q: A borrows a sum of ₹2,000 from his friend B on 31 December 2011 on the condition that he will return the same after one year with simple interest at 8% per annum. However, A gets into a position of returning the money on 1 July 2012. How much amount he have to return to B? Answer & Explanation Answer: D) ₹2,080 Explanation:
Q: Arvind deposited a sum of money with a bank on 1st January, 2012 at 8% simple interest per annum. He received an amount ₹ 3,144 on 7th August, 2012. Answer & Explanation Answer: B) ₹ 3, 000 Explanation:
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Here , Amount ( A ) = ₹ 1348.32 , P = ₹ 1200 , Rate ( R ) = ? , Time = 2 years
⇒ R = 6% per annum.
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