Question7; You Borrow Rs. 10,000 For 60 Days At 5% Simple Interest Per Year (assume A 365 Day Year). What Will Be Total Interest After 60 Days? A) 70.5 B) 82.2 C) 93.1 D) 110.7
Answer:
The information provided in the question:
Amount borrowed = Rs. 10,000
Duration = 60 days
Annual interest = 5%
Interest after 60 days = ?
First let's find how much interest is levied on this loan:
Interest = 5 x 10,000
100
= Rs. 500
The interest on the loan is Rs. 500 per year.
This scheme that in 365 days, the amount of interest is Rs. 500.
So, in 60 days, it would be Rs. I.
i = 60 x 500
365
i = 30,000
365
i = Rs. 82.2
Hence, your answer is:
Option B) Rs. 82.2
that is, that the total interest after 60 days would be Rs. 82.2.
Comment: Thanks dear
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