Goutam took a loan of some money from a Cooperative bank for opening a poultry farm atthe rate of simple interest of 12% per annum. Every month he has to repay ₹378 as interest. Let us determine the loan amount taken by him.
Time = 1 month =
yr
As we know,
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Here, P = ?, r = 12, t =
yr and I = Rs. 378
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= Rs. 37800
Hence, loan amount taken by him Rs. 37800
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