Question

Manju takes a loan of $Rs500$ from the village moneylender at the rate of $36\%$ per annum and pays back $Rs680$ after some time. How long did Manju take the loan for.

Answer 1

$S.I=A-P=680-500=180$ Rs.

$S.I=\frac{PRT}{100}$

$\Rightarrow$ $180=\frac{500\times 36\times T}{100}$

$\Rightarrow$ $T=\frac{180}{5\times 36}=1$ yr