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 -
A
March 15, 1997
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B
March 13, 1997
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C
March 16, 1997
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D
March 14, 1997
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Solution
The correct option is D March 13, 1997 P=Rs1000
R=10%
T=?
A=1020
A=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.