Archana took a loan of Rs 78,000 from a bank on 24th January 2012 at ?? ?? ?? % per annum simple interest and paid it back on 18th June 2012. Find the total amount paid by Archana. (Approximated to nearest integer).
Explanation:
Let’s break it down:
- The loan amount = Rs 78,000.
- Loan period: From 24th Jan 2012 to 18th June 2012. That's 5 months (Jan 24 to June 24 is 5 months; June 18 is 6 days less ? 4 months, 25 days, i.e. 145 days).
- Interest rate isn’t mentioned; let's check all options’ effective SI rates:
Let’s check option values:
1. Option 1: Rs 80,723 ? SI = 80,723 - 78,000 = Rs 2,723
- SI = (P × R × T) / 100 ? 2,723 = (78,000 × R × (145/365))/100
- Solve for R: R ˜ 8.6%
2. Option 2: Rs 90,730 ? SI = 90,730 - 78,000 = Rs 12,730
- R ˜ 40.4% (unrealistically high)
3. Option 3: Rs 85,733 ? SI = 85,733 - 78,000 = Rs 7,733
- R ˜ 24.6% (also high)
4. Option 4: Rs 88,730 ? SI = 88,730 - 78,000 = Rs 10,730
- R ˜ 34.2% (again, high)
- Standard bank rates are usually 8-10%.
- Option 1’s result (Rs 80,723) fits a realistic interest rate, so it's most reasonable.
Answer:
Option 1: Rs 80,723 is correct.