Question

The sum required to earn a monthly interest of Rs. $1,200$ at $18\%$ p.a. simple interest is?

• A. Rs. $50,000$
• B. Rs. $60,000$
• C. Rs. $80,000$
• D. None of the above

Answer 1

Answer: (C)

Rs. $80,000$

$I=₹1200$

$R=18$%

$T=\frac{1}{12}$ year

$I=\frac{P\times R\times T}{100}$

$1200=\frac{P\times 18\times 1}{100\times 12}$

$P=\frac{120000\times 12}{18}=₹80000$