Question : Ashima borrowed INR 75,000 from a nationalised bank on 26th March 2022 at the rate of 9% per annum simple interest. If she cleared the account on 7th June of the same year, then what amount did she pay?
Option 1: INR 75,000
Option 2: INR 76,350
Option 3: INR 71,350
Option 4: INR 75,350
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Correct Answer: INR 76,350
Solution :
Principle = INR 75,000
Rate = 9%
Time = 73 days = $\frac{73}{365}$ years
Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
⇒ Simple interest = $\frac{75000\times9\times\frac{73}{365}}{100}$
⇒ Simple interest = $\frac{750\times9\times 73}{365}$
⇒ Simple interest = INR 1350
Now, Amount = Simple Interest + Principle = INR 1350 + INR 75000 = INR 76,350
Hence, the correct answer is INR 76,350.
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