CameraIcon
CameraIcon
SearchIcon
MyQuestionIcon


Question

John applied for a loan from HIBC bank on October 16 for Rs 4000. The bank received back the money from John on December 27 of the same year. The rate of interest on his loan being 11% per annum, how much did HIBC bank earn?


  1. Rs 77

  2. Rs 88

  3. Rs 72

  4. Rs 86


Solution

The correct option is B

Rs 88


Given: P = Rs 4000, R = 11% per annum.

T = October 16-31 + November 01-30 + December 01-27

T = 16 + 30 + 27 = 73 Days = 73365 = 15 years

I = PTR100 =4000×11100×5=Rs88

flag
 Suggest corrections
thumbs-up
 
0 Upvotes


Similar questions
View More


People also searched for
View More



footer-image