Soni rent Anju a sum of Rs 40,000 at the rate of 2 paisa per 2 rupees per
1 answer:
Answer:
RS 14400
Step-by-step explanation:
Given the following :
Principal sum = RS 40000
Rate = 2 paisa per 2 rupee per month
Interest at the end of 3 years
1 rupee = 100 paisa
2 Paisa per 2 rupee per month :
2/200 per month = 1 / 100 per month,
Hence rate = 0.01 = 1% monthly
Annual rate = 1% × 12 = 12 % = 0.12
Simple interest :
Principal × rate × time
40000 × 0.12 × 3
40000 × 0.36
= RS 14,400
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