A man borrowed Rs. $480$ from his neighbour. He paid it back after $5$ months together with the interest charged at $5 %$ per annum. What amount did he pay back?

Rs.

512

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Rs.

500

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Rs.

490

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None of these

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Solution

The correct option is B Rs. $490$
Given, $P =$ Rs. $480, R = 5$
$T = 5$ months $=$ $\frac{5}{12}$ years
$I = \frac{P T R}{100} = \frac{480 \times \frac{5}{12} \times 5}{100} =$ Rs. $10$
Therefore, amount paid back $=$ $P + I$
$= 480 + 10 =$ Rs. $490$

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