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Mr. Nair's monthly salary is ₹ 22,500. H...

Mr. Nair's monthly salary is ₹ 22,500. He took a loan of ₹ 30,000 on simple interest for 3 years at the rate of 5 p.c.p.a The amount that he will be paying as simple interest in 3 years is what percent of his monthly salary?

A

10

B

18

C

20

D

25

Text Solution

Verified by Experts

The correct Answer is:
C
`S.I.= ("Principal"xx"Time"xx"Rate")/100`
`= 30000xx3xx5/100 = ₹ 4500`
"Let x" % of 22500 = 4500
.`Rightarrow (22500xxx)/100 = 4500`
. `Rightarrow x = 4500xx100/22500 = 20`
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