Mr Irani borrowed a sum of Rs 10000 from a finance company for 6 years at 8% per annum. The amount returned by Mr Irani to the finance company is:
A
Rs 14800
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B
Rs 12600
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C
Rs 13300
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D
Rs 12350
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E
None of the above
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Solution
The correct option is A Rs 14800 We have, P =Rs 10000, R =8% per annum, T =6 years. ∴I=P×R×T100=10000×8×6100=Rs4800∴A=P+I=10000+48000=Rs14800 Thus, Mr Irani returned Rs 14800 to the finance company.