Question

A man took a loan of $Rs56,200$ from a bank on $15th$ January, $2011$ on interest at $20$%p.a. How much amount did he have to pay to the bank to settle the account on $23rdAugust,2011$? Calculate the amount to the nearest rupee

Answer 1

Total interest for $1$ year $=\frac{20}{100}\times 56200$

$=11240$

total no. of days $=16+28+31+30+30+30+30+23$

$=220$

$\therefore$ Interest for $220$days $=\frac{11240}{365}\times 220$

$=6774.79$

$6775$

$\therefore$ total amount $=56200+6775$

$=62975$

which is the required answer.