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ICSE Class 8 Answered

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 | 19 Nov, 2019, 04:32: PM
answered-by-expert 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 | 21 Nov, 2019, 07:31: PM

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