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Mr. Khanna took a loan of ₹ 10,000 on si...

Mr. Khanna took a loan of ₹ 10,000 on simple interest for two years at the rate of 3 p.c.p.a. The total amount that he will be paying as interest in 2 years in 3% of his monthly salary. What is his monthly salary?

A

₹30000

B

₹16000

C

₹ 20000

D

₹12000

Text Solution

Verified by Experts

The correct Answer is:
C
S.I. =`(" Principal"xx"Time"xx"Rate")/100`
. `= 10000xx2xx3/100 = ₹ 600`
`therefore` Khanna's monthly salary.
.` = (600xx100)/3 = ₹20000`
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