Exams › SSC CGL (Prelims) › General
A businessman took a loan of ₹12,000 from a bank on 1 May 2025 at simple interest of 8% per annum. He decided to clear the loan on 1 November 2025. How much amount did he pay back to the bank?
- ₹12,450
- ₹12,480
- ₹12,520
- ₹12,600
Correct answer: ₹12,480
Solution
Time = 6 months = \(\frac{1}{2}\) year. Simple interest = \(\frac{P\times R\times T}{100} = \frac{12000\times 8\times 1/2}{100} = 480\). Total amount = \(12000+480=12480\).
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