A stockbroker takes a short term loan on 05.04.2015 at 3% per month and then pays ₹ 1155 as interest when he repays the loan on 08.05.2015. How much money had the stockbroker taken on loan? 

Asked by Cl_narayan | 19th Nov, 2019, 04:32: PM

Expert Answer:

Interest = Rs. 1155
R = 3% per month
 
From 05.04.2015 to 08.05.2015, the number of days are 25 + 8 = 33 days
 
1 month = 30 days
→ 33 days = 33/30 months = 1. 1 months
 
Simple Interest = (P×R×N)/100
→ P = (1155 × 100)/(3 × 1.1)= Rs. 35000 

Therefore, a stockbroker took Rs. 35000 on loan. 
 

Answered by Yasmeen Khan | 21st Nov, 2019, 07:31: PM