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Question

Sajjanrao takes a loan of ₹ 10,000 from a bank at the rate of 10 % per annum for a year. How much money including the interest will he have to pay after a year?
  1. 11000

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Solution

The correct option is A 11000
Here, P = ₹ 10,000 ; R = 10 % p.a ; T = 1 year
Since, we have to calculate the amount for one year, we can either use simple interest or compound interest.

I=PRT100=10000×10×1100= 1000

After one year Sajjanrao will have to pay
= 10,000+ 1000= 11,000

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