Nishtha borrowed Rs.1,000 at 10 percent per annum simple Interest from a co-operative society on January 1, 1997. She cleared the loan by paying Rs.1,020. The amount was paid on -

March 15, 1997

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March 13, 1997

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March 16, 1997

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March 14, 1997

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Solution

The correct option is D March 13, 1997
$P = R s$ $1000$
$R = 10$ %
$T = ?$
$A = 1020$
$A = P (1 + \frac{R T}{100})$
$\Rightarrow 1020 = 1000 (1 + \frac{10 T}{100})$
$\Rightarrow \frac{102}{100} = 1 + \frac{T}{10}$
$\Rightarrow \frac{2}{100} = \frac{T}{10}$
$\Rightarrow T = \frac{1}{5}$ years.
$= \frac{1}{5} \times 12$ months.
$= 2.4$ months
$= 2$ months $+ (0.4) \times 30$ days
$= 2$ months $+ 12$ days.
Hence $2$ months $12$ days from Jan $1,$ $1997$ is March $13,$ $1997$ .

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Nishtha borrowed Rs.1,000 at 10 percent per annum simple Interest from a co-operative society on January 1, 1997. She cleared the loan by paying Rs.1,020. The amount was paid on -

The correct option is D March 13, 1997P=Rs 1000R=10%T=?A=1020A=P(1+RT100)⇒1020=1000(1+10T100)⇒102100=1+T10⇒2100=T10⇒T=15 years. =15×12 months. =2.4 months =2 months +(0.4)×30 days =2 months +12 days.Hence 2 months 12 days from Jan 1, 1997 is March 13, 1997.