Question : Archana took a loan of 78,000 from a bank on 24th January 2012 at $8 \frac{3}{4} \%$ per annum Simple Interest and paid it back on 18th June 2012. Find the total amount paid by Archana. (Approximated to the nearest integer)
Option 1: INR 80,723
Option 2: INR 90,730
Option 3: INR 85,733
Option 4: INR 88,730
Correct Answer: INR 80,723
Solution :
Total time taken = Remaining days in January + Days in February (Leap Year) + Days in March + Days in April + Days in May + 18 days of June
$= 7 + 29 + 31 + 30 + 31 + 18 = 146$ days
Simple interest (SI) $= \frac{\text{Principal × Rate × Time}}{100}$
$= \frac{78000 \times 146 \times 8.75}{100\times 366}= 2722.54$
Amount = Principal + SI = 78000 + 2722.54 = INR 80,722.54
Hence, the correct answer is INR 80,723.
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