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Goutam took a loan of some money from a ...

Goutam took a loan of some money from a cooperative bank for opening a poultry farm at the rate of simple interest of `12%` per annum. Every month he has to repay `378Rs` as interest. Determine the loan amount taken by him.

Text Solution

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Let the loan be `Rs x`.
`1` month `=(1)/(12)` year
`:.` Simple interest of `Rs x=Rs(x xx12xx1)/(100xx12)=Rs(x)/(100)`
As per question, `(x)/(100)=378`
`impliesx=378xx100=37800`
`:.` The required loan `=Rs 37800`.
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