Exams › SSC CGL (Prelims) › General

Sneha lent ₹24,000 to Vikas on 4 April 2024 at a simple interest rate of 5% per annum. Vikas plans to pay back the entire amount on 16 June 2024. What is the total amount Vikas needs to return?

1. ₹ 24,120
2. ₹ 24,180
3. ₹ 24,240
4. ₹ 24,300

Correct answer: ₹ 24,240

Solution

From 4 April 2024 to 16 June 2024 is 73 days. Simple interest = \(\frac{24000\times 5\times 73}{100\times 365}=240\). So the total amount = ₹24,000 + ₹240 = ₹24,240.

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