Exams › SSC CGL (Prelims) › General
X borrowed ₹8000 from Y on 10 January 2024 at a simple interest rate of 12% per annum. X decided to repay the loan on 10 July 2024. How much total amount must X return to Y?
- ₹ 8400
- ₹ 8560
- ₹ 8480
- ₹ 8600
Correct answer: ₹ 8480
Solution
The time is 6 months = $\tfrac{1}{2}$ year. Simple interest $= \frac{8000 \times 12 \times 1/2}{100} = 480$. So the total amount is $8000 + 480 = 8480$.
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